Create a comprehensive company primer for $V: business model overview, key value drivers, industry t

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Create a comprehensive company primer for $V: business model overview, key value drivers, industry trends and competitive positioning, recent developments and strategic initiatives, growth catalysts and potential risks, and debt analysis with financial health assessment. Include charts where helpful.

I'll create a comprehensive company primer for Visa ($V). This is a multi-faceted research task requiring business model analysis, competitive positioning, financial health assessment, and more. Let me organize this systematically.

Todo write

Input

Verify Visa ticker (V) and read relevant skills (infographics, market-data)
Gather business model overview and key value drivers from recent 10-K and earnings calls
Search for industry trends, competitive positioning, and market share data
Search for recent developments, strategic initiatives, and M&A activity (last 12 months)
Identify growth catalysts and potential risks from management commentary and filings
Get financial data for debt analysis and financial health metrics (last 8 quarters)
Get market data (stock price, valuation ratios) and analyst estimates
Create visualizations (revenue trends, margin evolution, competitive positioning)
Compile comprehensive primer document with all findings and charts

Output

Plan updated.

Verify Visa ticker

Input

sqlite3 /public/companies.sqlite "SELECT ticker, company_name, market_cap_mm_usd, industry_name FROM companies WHERE ticker = 'V'"

Output

stdout:
V|Visa Inc.|676549.646959|Financial Services

exit_code: 0

Read infographics skill for visual creation

Read market data skill for stock data

Todo write

Input

Verify Visa ticker (V) and read relevant skills (infographics, market-data)
Gather business model overview and key value drivers from recent 10-K and earnings calls
Search for industry trends, competitive positioning, and market share data
Search for recent developments, strategic initiatives, and M&A activity (last 12 months)
Identify growth catalysts and potential risks from management commentary and filings
Get financial data for debt analysis and financial health metrics (last 8 quarters)
Get market data (stock price, valuation ratios) and analyst estimates
Create visualizations (revenue trends, margin evolution, competitive positioning)
Compile comprehensive primer document with all findings and charts

Output

Plan updated.

List documents

Input

{
  "tickers": [
    "V"
  ],
  "doc_types": [
    "10-K",
    "10-Q",
    "earnings-call-transcript"
  ],
  "limit": 20
}

Output

Showing 1-20 of 154 total documents

Search for Visa's business model in 10-K

Input

+business +model +(payment network) +transactions +revenue streams +(value proposition)

Output

[Total chunks returned: 8]

<chunk>
{{ref:lMqwjGn0O_8:3}}
ticker: V
publication_date: 2017-11-17
section: Business
doc_type: 10-K
period: FY 2017
text: ITEM 1. Business

OVERVIEW

Visa is a global payments technology company that enables fast, secure and reliable electronic payments across more than 200 countries and territories. We facilitate global commerce through the transfer of value and information among a global network of consumers, merchants, financial institutions, businesses, strategic partners, and government entities. Our advanced transaction processing network, VisaNet, enables authorization, clearing, and settlement of payment transactions and allows us to provide our financial institution and merchant clients with a wide range of products, platforms, and value-added services.

Our mission is to connect the world through the most innovative, reliable, and secure payment network – enabling individuals, businesses, and economies to thrive. To deliver on this mission, we are focused on seven strategic pillars:

4

Our focus, expertise, and assets have enabled Visa to become one of the world’s largest retail electronic payments networks based on payments volume and number of transactions.

Visa Network

Visa connects millions of consumers and businesses every day through the power of our network.

(1)
As of September 30, 2017

(2)
As of June 30, 2017

(3)
Transacted on our payment products for the 12 months ended June 30, 2017

5

Visa operates in a four party model, which includes card issuing financial institutions, acquirers, and merchants. We are not a bank and do not issue cards, extend credit, or set rates and fees for account holders on Visa products. Generally, our financial institution clients are responsible for managing account holder and merchant relationships.

Visa does not earn revenues from, or bear credit risk with respect to, interest or fees paid by account holders on Visa products. Interchange reimbursement fees represent a transfer of value between the financial institutions participating in our open-loop payments network. We administer the collection and remittance of interchange reimbursement fees through the settlement process, but we generally do not receive any revenue related to interchange reimbursement fees. In addition, we do not receive as revenue the fees that merchants are charged directly for acceptance by their acquirers.

Visa Brand

The Visa brand is one of the world's most recognized, trusted, and valuable brands. Anchored on the notion that Visa is "everywhere you want to be," the brand stands for acceptance, security, convenience, speed, and reliability. In recognition of its strength among clients and consumers, the Visa brand is ranked highly in a number of widely recognized brand studies, including BrandZ Top 100 Most Valuable Global Brands Study, Forbes World’s Most Valuable Brands, Interbrand's Best Global Brands, and YouGov Brand Index. Our brand strength helps us to deliver added value to financial institutions, merchants, and other clients through compelling brand expressions, expanded products and services, and innovative marketing efforts.

6

Payment Security

Visa has focused its investments, partnerships, and expertise to enhance the security of our network, and to enable consumers and businesses to pay and be paid with confidence. As payments methods evolve, we are focused on four primary areas:

• Protecting payment data with a payments architecture that complies with industry standards;

• Rendering the use of sensitive payment data useless by deploying technologies such as the EMV chip and tokenization;

• Using predictive analytics, intelligence, and insights to identify and prevent fraud before it happens; and

• Empowering consumers to actively protect their own financial information and transactions.

7
</chunk>

<chunk>
{{ref:jaEEF-PLx1E:7}}
ticker: V
publication_date: 2024-11-13
section: Business
doc_type: 10-K
period: FY 2024
text: Our net revenue in fiscal 2024 consisted of the following:
```csv
SERVICE REVENUE Earned for services provided in support of client usage of Visa payment services,"OTHER REVENUE Consist mainly of value-added services related to advisory, marketing and certain card benefits; license fees for use of the Visa brand or technology; and fees for account holder services, certification and licensing"
"DATA PROCESSING REVENUE Earned for authorization, clearing and settlement; value-added services related to issuing, acceptance, and risk and identity solutions; network access; and other maintenance and support services that facilitate transaction and information processing among our clients globally",
"CLIENT INCENTIVES Paid to financial institution clients, merchants and other business partners to grow payments volume; increase Visa product acceptance; encourage merchant acceptance and use of Visa payment services; and drive innovation",
INTERNATIONAL TRANSACTION REVENUE Earned for cross-border transaction processing and currency conversion activities,
```

Please see Item 7 and Note 1—Summary of Significant Accounting Policies to our consolidated financial statements included in Item 8 of this report, which include disclosures on how we earn and recognize our revenue.

Visa provides payment processing for both non-Visa-branded and Visa-branded card transactions. In the context of non-Visa-branded card transactions, we facilitate payment processing by providing gateway routing services to other payment networks. At the client’s request, we may provide authorization, clearing or settlement services on our network before or after we route the transaction to the other payments network. In those instances, Visa may earn data processing revenue for the specific services provided. In the context of Visa-branded card transactions on our network, we provide authorization, clearing and settlement services and may earn service, data processing, international transaction or other revenue. Depending on applicable regulations, some payment processors may or may not use our network to process Visa-branded card transactions. If they use our network, we may earn service revenue and data processing revenue. If they do not use our network, we earn only service revenue.

Visa is not a financial institution. We do not issue cards, extend credit or set rates and fees for account holders of Visa products nor do we earn revenue from, or bear credit risk with respect to, any of these activities. Interchange reimbursement fees reflect the value merchants receive from accepting our products and play a key role in balancing the costs and benefits that account holders and merchants derive from participating in our payments network. Generally, interchange reimbursement fees are paid by acquirers to issuers. We establish default interchange reimbursement fees that apply absent other established settlement terms. These default interchange reimbursement fees are set independently from the revenue we receive from issuers and acquirers. Our acquiring clients are responsible for setting the fees they charge to merchants for the MDR and for soliciting merchants. Visa sets fees to acquirers independently from any fees that acquirers may charge merchants. Therefore, the fees we receive from issuers and acquirers are not derived from interchange reimbursement fees or MDRs.

6

Visa’s strategy is to accelerate our revenue growth in consumer payments, new flows and value-added services, and fortify the key foundations of our business model.

We seek to accelerate revenue growth in three primary areas — consumer payments, new flows and value- added services.
</chunk>

<chunk>
{{ref:RkQtz3MSzh4:7}}
ticker: V
publication_date: 2023-11-15
section: Business
doc_type: 10-K
period: FY 2023
text: Our net revenues in fiscal year 2023 consisted of the following:
```csv
SERVICE REVENUES Earned for services provided in support of client usage of Visa payment services,"OTHER REVENUES Consist mainly of value added services related to advisory, marketing and certain card benefits; license fees for use of the Visa brand or technology; and fees for account holder services, certification and licensing"
"DATA PROCESSING REVENUES Earned for authorization, clearing, settlement; value added services related to issuing, acceptance, and risk and identity solutions; network access; and other maintenance and support services that facilitate transaction and information processing among our clients globally",
"CLIENT INCENTIVES Paid to financial institution clients, merchants and other business partners to grow payments volume; increase Visa product acceptance; win merchant routing transactions over to our network; and drive innovation",
INTERNATIONAL TRANSACTION REVENUES Earned for cross-border transaction processing and currency conversion activities,
```

(1)Figure may not recalculate exactly due to rounding.

Please see Item 7 and Note 1—Summary of Significant Accounting Policies included in Item 8 of this report, which include disclosures on how we earn and recognize our revenues.

Visa provides payment processing for both non-Visa-branded and Visa-branded card transactions. In the context of non-Visa-branded card transactions, we facilitate payment processing by providing gateway routing services to other payment networks. At the client’s request, we may provide authorization, clearing or settlement services on our network before or after we route the transaction to the other payments network. In those instances, Visa may earn data processing revenues for the specific services provided. In the context of Visa-branded card transactions on our network, we provide authorization, clearing and settlement services and may earn service, data processing, international transaction, or other revenues. Depending on applicable regulations, some payment processors may or may not use our network to process Visa-branded card transactions. If they use our network, we may earn service revenues and data processing revenues. If they do not use our network, we earn only service revenues.

Visa is not a financial institution. We do not issue cards, extend credit or set rates and fees for account holders of Visa products nor do we earn revenues from, or bear credit risk with respect to, any of these activities. Interchange reimbursement fees reflect the value merchants receive from accepting our products and play a key role in balancing the costs and benefits that account holders and merchants derive from participating in our payments networks. Generally, interchange reimbursement fees are paid by acquirers to issuers. We establish default interchange reimbursement fees that apply absent other established settlement terms. These default interchange reimbursement fees are set independently from the revenues we receive from issuers and acquirers. Our acquiring clients are responsible for setting the fees they charge to merchants for the MDR and for soliciting merchants. Visa sets fees to acquirers independently from any fees that acquirers may charge merchants. Therefore, the fees we receive from issuers and acquirers are not derived from interchange reimbursement fees or MDRs.

6

Visa’s strategy is to accelerate our revenue growth in consumer payments, new flows and value added services, and fortify the key foundations of our business model.

We seek to accelerate revenue growth in three primary areas — consumer payments, new flows and value added services.

Consumer Payments

We remain focused on moving trillions of dollars of consumer spending in cash and checks to cards and digital accounts on Visa’s network of networks.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:7}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: Our net revenue in fiscal 2025 consisted of the following:
```csv
SERVICE REVENUE Earned for services provided in support of client usage of Visa’s payment services and value-added services related to certain Issuing Solutions,"OTHER REVENUE Consists mainly of value-added services primarily related to Advisory and Other Services and certain Issuing Solutions; license fees for use of the Visa brand or technology; and fees for account holder services, certification and licensing"
"DATA PROCESSING REVENUE Earned for authorization, clearing and settlement; value-added services primarily related to Acceptance Solutions, Risk and Security Solutions and certain Issuing Solutions; network access; and other maintenance and support services that facilitate transaction and information processing among our clients globally",
"CLIENT INCENTIVES Paid to financial institution clients, sellers and other business partners to grow payments volume; increase Visa product acceptance; encourage seller acceptance and use of Visa’s payment services; and drive innovation",
INTERNATIONAL TRANSACTION REVENUE Earned for cross-border transaction processing and currency conversion activities,
```

Please see Item 7 and Note 1—Summary of Significant Accounting Policies to our consolidated financial statements included in Item 8 of this report, which include disclosures on how we earn and recognize our revenue.

Visa provides payment processing for both non-Visa-branded and Visa-branded card transactions. In the context of non-Visa-branded card transactions, we facilitate payment processing by providing gateway routing services to other payment networks. At the client’s request, we may provide authorization, clearing or settlement services on our network before or after we route the transaction to the other payments network. In those instances, Visa may earn data processing revenue for the specific services provided. In the context of Visa-branded card transactions on our network, we provide authorization, clearing and settlement services and may earn service, data processing, international transaction or other revenue. Depending on applicable regulations, some payment processors may or may not use our network to process Visa-branded card transactions. If they use our network, we may earn service revenue and data processing revenue. If they do not use our network, we may earn only service revenue.

Visa is not a financial institution. We do not issue cards, extend credit or set rates and fees for account holders of Visa products nor do we earn revenue from or bear credit risk with respect to any of these activities. Interchange reimbursement fees reflect the value sellers receive from accepting our products and play a key role in balancing the costs and benefits that account holders and sellers derive from participating in our payments network. Generally, IRFs are paid by acquirers to issuers. We establish default IRFs that apply absent other established settlement terms. These default IRFs are set independently from the revenue we receive from issuers and acquirers. Our acquiring clients are responsible for soliciting sellers and for setting the fees they charge to sellers for the MDR. Visa sets fees to acquirers independently from any fees that acquirers may charge sellers. Therefore, the fees we receive from issuers and acquirers are not derived from IRFs or MDRs.

6
</chunk>

<chunk>
{{ref:vmOCi7kR7cg:6}}
ticker: V
publication_date: 2022-11-16
section: Business
doc_type: 10-K
period: FY 2022
text: FISCAL YEAR 2022 KEY STATISTICS

(1) Please see Item 7–Management’s Discussion and Analysis of Financial Condition and Results of Operations for a reconciliation of our GAAP to non-GAAP financial results.

OUR CORE BUSINESS

In an example of a typical Visa C2B payment transaction, the consumer purchases goods or services from a merchant using a Visa card or payment product. The merchant presents the transaction data to an acquirer, usually a bank or third-party processing firm that supports acceptance of Visa cards or payment products, for verification and processing. Through VisaNet, the acquirer presents the transaction data to Visa, which in turn contacts the issuer to check the account holder’s account or credit line for authorization. After the transaction is authorized, the issuer effectively pays the acquirer an amount equal to the value of the transaction, minus the interchange reimbursement fee, and then posts the transaction to the consumer’s account. The acquirer pays the amount of the purchase, minus the merchant discount rate (MDR), to the merchant.

Visa earns revenue by facilitating money movement across more than 200 countries and territories among a global set of consumers, merchants, financial institutions and government entities through innovative technologies. Net revenues consist of service revenues, data processing revenues, international transaction revenues and other revenues, minus client incentive arrangements we have with our clients. We have one reportable segment, which is Payment Services. We generally do not experience any pronounced seasonality in our business.

Visa is not a financial institution. We do not issue cards, extend credit or set rates and fees for account holders of Visa products nor do we earn revenues from, or bear credit risk with respect to, any of these activities. Interchange reimbursement fees reflect the value merchants receive from accepting our products and play a key

5

role in balancing the costs and benefits that account holders and merchants derive from participating in our payments networks. Generally, interchange reimbursement fees are collected from acquirers and paid to issuers. We establish default interchange reimbursement fees that apply absent other established settlement terms. In addition, we do not earn revenues from the fees that merchants are charged by acquirers for acceptance, including the MDR. Our acquiring clients are generally responsible for soliciting merchants as well as establishing and earning these fees.

Our net revenues in fiscal year 2022 consisted of the following:

6

Visa’s strategy is to accelerate our revenue growth in consumer payments, new flows and value added services, and fortify the key foundations of our business model.

We seek to accelerate revenue growth in three primary areas — consumer payments, new flows and value added services.

Consumer Payments

We remain focused on moving the trillions of consumer spending in cash and checks to cards and digital accounts on Visa’s network of networks.
</chunk>

<chunk>
{{ref:TtPE_KFrxAk:6}}
ticker: V
publication_date: 2021-11-18
section: Business
doc_type: 10-K
period: FY 2021
text: FISCAL YEAR 2021 KEY STATISTICS

(1) Please see Item 7–Management’s Discussion and Analysis of Financial Condition and Results of Operations for a reconciliation of our GAAP to non-GAAP financial results.

OUR CORE BUSINESS

In an example of a typical Visa C2B payment transaction, the consumer purchases goods or services from a merchant using a Visa card or payment product. The merchant presents the transaction data to an acquirer, usually a bank or third-party processing firm that supports acceptance of Visa cards or payment products, for verification and processing. Through VisaNet, the acquirer presents the transaction data to Visa, which in turn contacts the issuer to check the account holder’s account or credit line for authorization. After the transaction is authorized, the issuer effectively pays the acquirer an amount equal to the value of the transaction, minus the interchange reimbursement fee, and then posts the transaction to the consumer’s account. The acquirer pays the amount of the purchase, minus the merchant discount rate (MDR), to the merchant.

Visa earns revenue by facilitating money movement across more than 200 countries and territories among a global set of consumers, merchants, financial institutions, businesses, strategic partners and government entities through innovative technologies. Net revenues consist of service revenues, data processing revenues, international transaction revenues and other revenues, minus client incentive arrangements we have with our clients. We have one reportable segment, which is Payment Services. We generally do not experience any pronounced seasonality in our business.

Visa is not a financial institution. We do not issue cards, extend credit, or set rates and fees for account holders of Visa products nor do we earn revenues from, or bear credit risk with respect to, any of these activities. Interchange reimbursement fees reflect the value merchants receive from accepting our products and play a key role in balancing the costs and benefits that account holders and merchants derive from participating in our payments networks. Generally, interchange reimbursement fees are collected from acquirers and paid to issuers. We establish default interchange reimbursement fees that apply absent other established settlement terms. In addition, we do not earn revenues from the fees that merchants are charged by acquirers for acceptance, including

5

the MDR. Our acquiring clients are generally responsible for soliciting merchants as well as establishing and earning these fees.

Our net revenues in fiscal year 2021 consisted of the following:

6

Visa’s strategy is to accelerate our revenue growth in consumer payments, new flows and value added services, and fortify the key foundations of our business model.

We seek to accelerate revenue growth in three primary areas — consumer payments, new flows and value added services.

Consumer Payments

We are accelerating efforts to move approximately $18 trillion(2) in consumer spending still exchanged in cash and check to cards and digital accounts on Visa’s network of networks.
</chunk>

<chunk>
{{ref:3Gcgz_exoro:8}}
ticker: V
publication_date: 2015-11-20
section: Business
doc_type: 10-K
period: FY 2015
text: Nature of Operations

Visa's mission is to accelerate the electronification of commerce. We operate an open-loop payments network, VisaNet, through which Visa connects and manages the exchange of information and value between: (i) issuers — financial institutions that issue Visa-branded cards or payment products to account holders, and (ii) acquirers — financial institutions that contract with merchants to accept Visa-branded cards or payment products. We do not earn revenues from, or bear credit risk with respect to, interest or fees paid by account holders on Visa-branded cards or payment products. The issuers have the responsibility for issuing cards and other payment products, and determining the interest rates and fees paid by the account holders.

Interchange reimbursement fees represent a transfer of value between the financial institutions participating in our open-loop payments network. On purchase transactions, interchange reimbursement fees are paid by the acquirers to the issuers. We generally do not receive any revenue related to interchange reimbursement fees. In addition, we generally do not earn any revenue from the fees that merchants are charged for acceptance by the acquirers, including the merchant discount rate. The acquirers are typically responsible for soliciting merchants, and establishing and earning these fees.

A typical Visa transaction begins when the account holder presents his or her Visa-branded card or payment product to a merchant as payment for goods or services. The transaction information is then transmitted

6

electronically to the acquirer and routed through VisaNet to the issuer for authorization. Following authorization, a clearing file containing the final transaction data is submitted from the acquirer and processed for final settlement between the issuer and acquirer. The following diagram illustrates the processing steps involved in a typical transaction on VisaNet.

Our operating revenues are principally comprised of service revenues, data processing revenues and international transaction revenues, and are reduced by costs incurred under client incentive arrangements. The Company has one reportable segment, Payment Services.

• Service revenues consist of revenues earned for providing financial institution clients with support services for the delivery of Visa-branded payment products and solutions. Service revenues are primarily generated from payments volume on Visa-branded cards and payment products for purchased goods and services.

• Data processing revenues consist of revenues earned for authorization, clearing, settlement, network access and other maintenance and support services that facilitate transaction and information processing among our clients globally and with Visa Europe. Data processing revenues are primarily generated from the number of transactions we process.

• International transaction revenues consist of revenues earned for cross-border transaction processing and currency conversion activities. Cross-border transactions arise when the country of origin of the issuer is different from that of the merchant. International transaction revenues are primarily generated by cross-border payments and cash volume.

• Client incentives consist of long-term contracts with financial institution clients and other business partners for various programs designed to build payments volume, increase Visa-branded card and product acceptance and win merchant routing transactions over our network. These incentives are primarily accounted for as reductions to operating revenues.
</chunk>

<chunk>
{{ref:T1yMQc7ljFo:7}}
ticker: V
publication_date: 2014-11-21
section: Business
doc_type: 10-K
period: FY 2014
text: Nature of Operations

Visa's mission is to accelerate the electronification of commerce. We operate an open-loop payments network, VisaNet, through which Visa connects and manages the exchange of information and value between: (i) issuers — financial institutions that issue Visa-branded cards or payment products to account holders, and (ii) acquirers — financial institutions that contract with merchants to accept Visa-branded cards or payment products. We do not earn revenues from, or bear credit risk with respect to, interest or fees paid by account holders on Visa-branded cards or payment products. The issuers have the responsibility for issuing cards and other payment products, and determining the interest rates and fees paid by the account holders.

5

Interchange reimbursement fees represent a transfer of value between the financial institutions participating in our open-loop payments network. On purchase transactions, interchange reimbursement fees are paid by the acquirers to the issuers. We generally do not receive any revenue related to interchange reimbursement fees. In addition, we generally do not earn any revenue from the fees that merchants are charged for acceptance by the acquirers, including the merchant discount rate. The acquirers are typically responsible for soliciting merchants, and establishing and earning these fees.

A typical Visa transaction begins when the account holder presents his or her Visa-branded card or payment product to a merchant as payment for goods or services. The transaction information is then transmitted electronically to the acquirer and routed through VisaNet to the issuer for authorization. Following authorization, a clearing file containing the final transaction data is submitted from the acquirer and processed for final settlement between the issuer and acquirer. The following diagram illustrates the processing steps involved in a typical transaction on VisaNet.

Our operating revenues are comprised principally of service revenues, data processing revenues and international transaction revenues, and are reduced by costs incurred under client incentive arrangements. The Company has one reportable segment, Payment Services.

• Service revenues. Service revenues consist of revenues earned for providing financial institution clients with support services for the delivery of Visa-branded payment products and solutions. Service revenues are primarily generated from payments volume on Visa-branded cards and payment products for purchased goods and services.

• Data processing revenues. Data processing revenues consist of revenues earned for authorization, clearing, settlement, network access and other maintenance and support services that facilitate transaction and information processing among our clients globally and with Visa Europe. Data processing revenues are primarily generated from the number of transactions we process.

• International transaction revenues. International transaction revenues consist of revenues earned for cross-border transaction processing and currency conversion activities. Cross-border transactions arise when the country of origin of the issuer is different from that of the merchant. International transaction revenues are primarily generated by cross-border payments and cash volume.

• Client incentives. Client incentives consist of long-term contracts with financial institution clients and other business partners for various programs designed to build payments volume, increase Visa-branded card

6

and product acceptance and win merchant routing transactions over our network. These incentives are primarily accounted for as reductions to operating revenues.
</chunk>

Search for revenue segments and breakdown

Input

+segment +revenue +(service revenue) +(data processing) +(international transaction) +(client incentives) --QDF=4

Output

[Total chunks returned: 8]

<chunk>
{{ref:2DWXLw1cFjI:78}}
ticker: V
publication_date: 2025-11-06
section: Management's Discussion and Analysis of Financial Condition and Results of Operations
doc_type: 10-K
period: FY 2025
text: The following table presents the components of our net revenue:
```csv
,"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,",% Change (1),% Change (1)
,2025,2024,2023,2025 vs. 2024,2024 vs. 2023
,"(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)"
Service revenue,"$ 17,539","$ 16,114","$ 14,826",9 %,9 %
Data processing revenue,"19,993","17,714","16,007",13 %,11 %
International transaction revenue,"14,166","12,665","11,638",12 %,9 %
Other revenue,"4,053","3,197","2,479",27 %,29 %
Client incentives,"(15,751)","(13,764)","(12,297)",14 %,12 %
Net revenue,"$ 40,000","$ 35,926","$ 32,653",11 %,10 %
```

(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

•Service revenue increased in fiscal 2025 over the prior year primarily due to growth in nominal payments volume of 7%, select pricing modifications and card benefits.

•Data processing revenue increased in fiscal 2025 over the prior year primarily due to growth in processed transactions of 10% and select pricing modifications.

•International transaction revenue increased in fiscal 2025 over the prior year primarily due to growth in nominal cross-border volume of 13%, excluding transactions within Europe, and higher volatility of a broad range of currencies, partially offset by business mix.

•Other revenue increased in fiscal 2025 over the prior year primarily due to growth in advisory and other services and select pricing modifications.

•Client incentives increased in fiscal 2025 over the prior year primarily due to growth in payments volume. The amount of client incentives we record in future periods will vary based on changes in performance expectations, actual client performance, amendments to existing contracts or the execution of new contracts.

For fiscal 2025, 2024, and 2023, revenue from value-added services was $10.9 billion, $8.8 billion and $7.2 billion, respectively. Value-added services revenue in fiscal 2025 increased 24% over the prior year primarily due to growth in Issuing Solutions, Advisory and Other Services and Acceptance Solutions.

Operating Expenses
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:112}}
ticker: V
publication_date: 2025-11-06
section: Financial Statements and Supplementary Data
doc_type: 10-K
period: FY 2025
text: Note 2—Acquisitions

Fiscal 2025 Acquisition

In December 2024, Visa acquired Featurespace Limited, a developer of real-time artificial intelligence payments protection technology that helps prevent and mitigate payments fraud and financial crime risks, for a purchase consideration of $946 million. The Company allocated $152 million of the purchase consideration to technology, customer relationships, other net assets acquired and deferred tax liabilities and the remaining $794 million to goodwill.

Fiscal 2024 Acquisition

In January 2024, Visa acquired Pismo Holdings, a global cloud-native issuer processing and core banking platform, for a purchase consideration of $929 million. The Company allocated $139 million of the purchase consideration to technology, customer relationships, other net assets acquired and deferred tax liabilities and the remaining $790 million to goodwill.

Note 3—Revenue

The nature, amount, timing and uncertainty of the Company’s revenue and cash flows and how they are affected by economic factors are most appropriately depicted through the Company’s revenue categories and

72

geographical markets. The following tables disaggregate the Company’s net revenue by revenue category and by geography:
```csv
"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,",
,2025,2024,2023
,(in millions),(in millions),(in millions)
Service revenue,"$ 17,539","$ 16,114","$ 14,826"
Data processing revenue,"19,993","17,714","16,007"
International transaction revenue,"14,166","12,665","11,638"
Other revenue,"4,053","3,197","2,479"
Client incentives,"(15,751)","(13,764)","(12,297)"
Net revenue,"$ 40,000","$ 35,926","$ 32,653"
```

```csv
,"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,"
,2025,2024,2023
,(in millions),(in millions),(in millions)
U.S.,"$ 15,633","$ 14,780","$ 14,138"
International,"24,367","21,146","18,515"
Net revenue,"$ 40,000","$ 35,926","$ 32,653"
```

For fiscal 2025, 2024, and 2023, revenue from value-added services was $10.9 billion, $8.8 billion and $7.2 billion, respectively. Revenue from Value-added Services is recognized within data processing, other and service revenue.

Remaining performance obligations are comprised of deferred revenue and contract revenue that will be invoiced and recognized as revenue in future periods primarily related to value-added services. As of September 30, 2025, the remaining performance obligations were $4.9 billion. The Company expects approximately half to be recognized as revenue in the next two years and the remaining thereafter. However, the amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenue could be recognized.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:77}}
ticker: V
publication_date: 2025-11-06
section: Management's Discussion and Analysis of Financial Condition and Results of Operations
doc_type: 10-K
period: FY 2025
text: Results of Operations

Net Revenue

Our net revenue is primarily generated from payments volume on Visa products for purchased goods and services, as well as the number of transactions processed on our network. See Note 1—Summary of Significant Accounting Policies to our consolidated financial statements included in Item 8 of this report for further discussion on the components of our net revenue.

The following table presents our net revenue earned in the U.S. and internationally:
```csv
,"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,",% Change (1),% Change (1)
,2025,2024,2023,2025 vs. 2024,2024 vs. 2023
,"(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)"
U.S.,"$ 15,633","$ 14,780","$ 14,138",6 %,5 %
International,"24,367","21,146","18,515",15 %,14 %
Net revenue,"$ 40,000","$ 35,926","$ 32,653",11 %,10 %
```

(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

45

Net revenue increased in fiscal 2025 over the prior year primarily due to the growth in processed transactions, nominal cross-border volume, and nominal payments volume, partially offset by higher client incentives.

Our net revenue is impacted by the overall strengthening or weakening of the U.S. dollar as payments volume and related revenue denominated in local currencies are converted to U.S. dollars. In fiscal 2025, exchange rate movements did not have a material impact on net revenue growth.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:70}}
ticker: V
publication_date: 2025-11-06
section: Management's Discussion and Analysis of Financial Condition and Results of Operations
doc_type: 10-K
period: FY 2025
text: Financial overview. A summary of our GAAP and non-GAAP operating results is as follows:
```csv
"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,",% Change (1),% Change (1)
2025,2025,2024,2023,2025 vs. 2024,2024 vs. 2023
"(in millions, except percentages and per share data)","(in millions, except percentages and per share data)","(in millions, except percentages and per share data)","(in millions, except percentages and per share data)","(in millions, except percentages and per share data)","(in millions, except percentages and per share data)"
Net revenue $,"40,000","$ 35,926","$ 32,653",11 %,10 %
Operating expenses $,"16,006","$ 12,331","$ 11,653",30 %,6 %
Net income $,"20,058","$ 19,743","$ 17,273",2 %,14 %
Diluted earnings per share $,10.20,$ 9.73,$ 8.28,5 %,17 %
Non-GAAP operating expenses (2) $,"12,906","$ 11,609","$ 10,481",11 %,11 %
Non-GAAP net income (2) $,"22,542","$ 20,389","$ 18,280",11 %,12 %
Non-GAAP diluted earnings per share (2) $,11.47,$ 10.05,$ 8.77,14 %,15 %
```

(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

(2)For a full reconciliation of our GAAP to non-GAAP financial results, see tables in Non-GAAP financial results below.

Highlights for fiscal 2025. Net revenue increased 11% over the prior year, primarily due to the growth in processed transactions, nominal cross-border volume, and nominal payments volume, partially offset by higher client incentives. See Results of Operations—Net Revenue below for further discussion. Exchange rate movements did not have a material impact on net revenue growth.

GAAP operating expenses increased 30% over the prior year, primarily driven by higher litigation provision and personnel expenses. See Results of Operations—Operating Expenses below for further discussion. Exchange rate movements did not have a material impact on operating expenses growth.

Non-GAAP operating expenses increased 11% over the prior year, primarily driven by higher personnel, general and administrative, and depreciation and amortization expenses.

Release of preferred stock. In August 2025, we released $1.4 billion of the as-converted value from our series B and C preferred stock and issued 40,080 shares of series A preferred stock in connection with the ninth anniversary of the Visa Europe acquisition. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 15—Stockholders’ Equity to our consolidated financial statements included in Item 8 of this report.

40

Senior notes. In May 2025, we issued Euro-denominated fixed-rate senior notes in a public offering in an aggregate principal amount of €3.5 billion ($3.9 billion), with maturities ranging between 3 and 19 years. See Note 10—Debt to our consolidated financial statements included in Item 8 of this report.

Acquisition. In December 2024, we acquired Featurespace Limited (Featurespace), a developer of real-time artificial intelligence payments protection technology that helps prevent and mitigate payments fraud and financial crime risks, for a purchase consideration of $946 million. See Note 2—Acquisitions to our consolidated financial statements included in Item 8 of this report.

Interchange multidistrict litigation. During fiscal 2025, we recorded additional accruals of $2.2 billion to address claims associated with the interchange multidistrict litigation. We also made additional deposits of $875 million into the U.S. litigation escrow account. The additional accruals related to the interchange multidistrict litigation could be higher or lower than deposits made into the U.S. litigation escrow account. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 20—Legal Matters to our consolidated financial statements included in Item 8 of this report.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:7}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: Our net revenue in fiscal 2025 consisted of the following:
```csv
SERVICE REVENUE Earned for services provided in support of client usage of Visa’s payment services and value-added services related to certain Issuing Solutions,"OTHER REVENUE Consists mainly of value-added services primarily related to Advisory and Other Services and certain Issuing Solutions; license fees for use of the Visa brand or technology; and fees for account holder services, certification and licensing"
"DATA PROCESSING REVENUE Earned for authorization, clearing and settlement; value-added services primarily related to Acceptance Solutions, Risk and Security Solutions and certain Issuing Solutions; network access; and other maintenance and support services that facilitate transaction and information processing among our clients globally",
"CLIENT INCENTIVES Paid to financial institution clients, sellers and other business partners to grow payments volume; increase Visa product acceptance; encourage seller acceptance and use of Visa’s payment services; and drive innovation",
INTERNATIONAL TRANSACTION REVENUE Earned for cross-border transaction processing and currency conversion activities,
```

Please see Item 7 and Note 1—Summary of Significant Accounting Policies to our consolidated financial statements included in Item 8 of this report, which include disclosures on how we earn and recognize our revenue.

Visa provides payment processing for both non-Visa-branded and Visa-branded card transactions. In the context of non-Visa-branded card transactions, we facilitate payment processing by providing gateway routing services to other payment networks. At the client’s request, we may provide authorization, clearing or settlement services on our network before or after we route the transaction to the other payments network. In those instances, Visa may earn data processing revenue for the specific services provided. In the context of Visa-branded card transactions on our network, we provide authorization, clearing and settlement services and may earn service, data processing, international transaction or other revenue. Depending on applicable regulations, some payment processors may or may not use our network to process Visa-branded card transactions. If they use our network, we may earn service revenue and data processing revenue. If they do not use our network, we may earn only service revenue.

Visa is not a financial institution. We do not issue cards, extend credit or set rates and fees for account holders of Visa products nor do we earn revenue from or bear credit risk with respect to any of these activities. Interchange reimbursement fees reflect the value sellers receive from accepting our products and play a key role in balancing the costs and benefits that account holders and sellers derive from participating in our payments network. Generally, IRFs are paid by acquirers to issuers. We establish default IRFs that apply absent other established settlement terms. These default IRFs are set independently from the revenue we receive from issuers and acquirers. Our acquiring clients are responsible for soliciting sellers and for setting the fees they charge to sellers for the MDR. Visa sets fees to acquirers independently from any fees that acquirers may charge sellers. Therefore, the fees we receive from issuers and acquirers are not derived from IRFs or MDRs.

6
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:108}}
ticker: V
publication_date: 2025-11-06
section: Financial Statements and Supplementary Data
doc_type: 10-K
period: FY 2025
text: International transaction revenue is earned for cross-border transaction processing and currency conversion activities. Cross-border transactions arise when the country of origin of the issuer or financial institution originating the transaction is different from that of the beneficiary. International transaction revenue is recognized in the same period in which the related transactions occur or the services are performed.

Other revenue consists mainly of value-added services primarily related to Advisory and Other Services and certain Issuing Solutions; license fees for use of the Visa brand or technology; and fees for account holder services, certification and licensing. Other revenue is recognized in the same period in which the related transactions occur or the services are performed.

Client incentives. The Company enters into long-term incentive contracts with financial institution clients, sellers, and other business partners for various programs that provide cash and other incentives designed to increase revenue by growing payments volume, increasing Visa product acceptance, encouraging seller acceptance and use of Visa’s payment services and driving innovation. These incentives are classified as reductions to net revenue within client incentives, unless the incentive is a payment made in exchange for a distinct good or service provided by the customer, in which case the payment is classified as operating expenses. The Company generally capitalizes upfront and fixed incentive payments under these contracts as client incentives assets when paid, and amortizes the amounts as reductions to net revenue ratably over the contractual term. Incentives that are earned by the customer based on performance targets are recorded as reductions to net revenue when earned, based on management's estimate of each client's future performance, and the unpaid portion is recognized as client incentives liabilities. These accruals are regularly reviewed and estimates of performance are adjusted, as appropriate, based on changes in performance expectations, actual client performance, amendments to existing contracts or the execution of new contracts. Client incentives assets and liabilities are classified on the consolidated balance sheets as current or long-term based on a 12-month operating cycle.

Marketing. The Company expenses the costs of producing advertising as incurred during production. The cost of media is expensed when the advertising takes place. Sponsorship costs are recognized over the periods in which the Company benefits from the sponsorship rights. Promotional costs are expensed as incurred, when the related services are received, or when the related events occur.

Income taxes. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to temporary differences between the financial statement carrying amounts and the respective tax basis of existing assets and liabilities, and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to be applied to taxable income in the periods in which those temporary differences are expected to be recovered or settled. In assessing whether deferred tax assets are realizable, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. A valuation allowance is recorded for the portions that are not expected to be realized based on the level of historical taxable income, projections of future taxable income over the periods in which the temporary differences are deductible, and qualifying tax planning strategies.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:8}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: Visa’s strategy is to accelerate revenue growth through consumer payments (CP), commercial and money movement solutions (CMS) and value-added services (VAS), as well as fortify the key foundations of our business model. In CP, we are focused on strengthening our impact in card-based consumer payments and expanding our reach in non-card-based payments. In CMS, formerly known as new flows, we are driving and enabling further penetration of commercial payments and money movement. Finally, in VAS, we are delivering innovative services to deepen our partnerships with our clients.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:9}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: We seek to accelerate revenue growth through the following areas:

Consumer Payments

On an annual basis, we see more than $40 trillion(2) of addressable consumer spend, excluding Russia and China. Of this spend opportunity, we are pursuing an estimated more than $20 trillion annual opportunity in underserved consumer spend, spread across cash, check, legacy Automated Clearing House (ACH), account to account (A2A) payments and real time payments (RTP) or other less effective forms of digital payments.

We aim to grow CP by strengthening Visa’s impact in card-based consumer payments and expanding our reach in non-card-based payments. We are investing in Tap to Everything, token technology, cross-border capabilities, offerings to affluent consumers, consumer credit capabilities and other opportunities to drive our volume and expand the scope of our transactions and our payment credentials on top of which we can deliver a growing array of Visa services.

Core Products

Visa’s growth has been driven by the strength of our core products — credit, debit and prepaid.

(2) Visa analysis based on third-party studies for the period covering calendar year 2024.

7

Credit: Credit cards and digital payment credentials allow consumers and businesses to access credit to pay for goods and services. Credit cards are affiliated with programs operated by financial institution clients, co-brand partners, fintechs and affinity partners.

Debit: Debit cards and digital payment credentials allow consumers and small businesses to purchase goods and services using funds held in their deposit accounts. Debit cards enable account holders to transact in person, online or via mobile without cash or checks and without accessing a line of credit. The Visa/PLUS Global ATM network also provides debit, credit and prepaid account holders with cash access and other banking capabilities. Issuing and acquiring partnerships with both financial institutions and independent ATM operators enable these capabilities.

Prepaid: Prepaid cards and digital payment credentials draw from a designated balance funded by individuals, businesses or governments. Prepaid cards address many use cases and needs, including general purpose reloadable, payroll, government and corporate disbursements, healthcare, gifting and travel. Visa-branded prepaid cards also play an important part in financial inclusion, bringing payment solutions to those with limited or no access to traditional banking products.

Key Enablers

By enabling CP, we help our clients grow as digital commerce, new technologies and new participants continue to transform the payments ecosystem.
</chunk>

Get Visa's financials for debt analysis and financial health

Input

{
  "ticker": "V",
  "metrics": [
    "Revenues",
    "Net Income - (IS)",
    "EBITDA",
    "EBITDA Margin %",
    "Net Income Margin %",
    "Gross Profit Margin %",
    "Total Debt",
    "Total Equity",
    "Total Assets",
    "Cash And Equivalents",
    "Net Debt",
    "Levered Free Cash Flow",
    "Cash from Operations",
    "Capital Expenditure",
    "Return On Equity %",
    "Total Debt/Equity",
    "Net Debt / EBITDA"
  ],
  "period_type": "quarter",
  "relative_periods": [
    0,
    -1,
    -2,
    -3,
    -4,
    -5,
    -6,
    -7
  ],
  "description": "Get Visa's financials for debt analysis and financial health"
}

Output

{
  "ticker": "V",
  "currency": "USD",
  "data": {
    "Revenues": {
      "Q4 2025": {
        "value": 10724000000.0
      },
      "Q3 2025": {
        "value": 10172000000.0,
        "citation": "{{ref:H6PiJibFzWY:10}}"
      },
      "Q2 2025": {
        "value": 9594000000.0,
        "citation": "{{ref:dfKhgmZkx8Y:10}}"
      },
      "Q1 2025": {
        "value": 9510000000.0,
        "citation": "{{ref:mPgfF8V93VY:28}}"
      },
      "Q4 2024": {
        "value": 9617000000.0,
        "citation": "{{ref:2x8g4PX-dOw:11}}"
      },
      "Q3 2024": {
        "value": 8900000000.0,
        "citation": "{{ref:dkJTPWBKfsk:10}}"
      },
      "Q2 2024": {
        "value": 8775000000.0,
        "citation": "{{ref:iwQuhMt-gBw:10}}"
      },
      "Q1 2024": {
        "value": 8634000000.0,
        "citation": "{{ref:MtijTdlMKXk:29}}"
      }
    },
    "Net Income - (IS)": {
      "Q4 2025": {
        "value": 5090000000.0,
        "citation": "{{ref:ld7e_-TQmy4:13}}"
      },
      "Q3 2025": {
        "value": 5272000000.0,
        "citation": "{{ref:H6PiJibFzWY:4}}"
      },
      "Q2 2025": {
        "value": 4577000000.0,
        "citation": "{{ref:dfKhgmZkx8Y:4}}"
      },
      "Q1 2025": {
        "value": 5119000000.0,
        "citation": "{{ref:mPgfF8V93VY:4}}"
      },
      "Q4 2024": {
        "value": 5318000000.0,
        "citation": "{{ref:2x8g4PX-dOw:11}}"
      },
      "Q3 2024": {
        "value": 4872000000.0,
        "citation": "{{ref:dkJTPWBKfsk:4}}"
      },
      "Q2 2024": {
        "value": 4663000000.0,
        "citation": "{{ref:iwQuhMt-gBw:4}}"
      },
      "Q1 2024": {
        "value": 4890000000.0,
        "citation": "{{ref:MtijTdlMKXk:3}}"
      }
    },
    "EBITDA": {
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        "value": 7367000000.0
      },
      "Q3 2025": {
        "value": 7109000000.0
      },
      "Q2 2025": {
        "value": 6740000000.0
      },
      "Q1 2025": {
        "value": 6812000000.0
      },
      "Q4 2024": {
        "value": 6633000000.0
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      "Q3 2024": {
        "value": 6097000000.0
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        "value": 6090000000.0
      },
      "Q1 2024": {
        "value": 6210000000.0
      }
    },
    "EBITDA Margin %": {
      "Q4 2025": {
        "value": 68.6963
      },
      "Q3 2025": {
        "value": 69.8879
      },
      "Q2 2025": {
        "value": 70.2522
      },
      "Q1 2025": {
        "value": 71.6298
      },
      "Q4 2024": {
        "value": 68.9716
      },
      "Q3 2024": {
        "value": 68.5056
      },
      "Q2 2024": {
        "value": 69.4017
      },
      "Q1 2024": {
        "value": 71.9249
      }
    },
    "Net Income Margin %": {
      "Q4 2025": {
        "value": 47.4636
      },
      "Q3 2025": {
        "value": 51.8285
      },
      "Q2 2025": {
        "value": 47.7069
      },
      "Q1 2025": {
        "value": 53.8275
      },
      "Q4 2024": {
        "value": 55.2979
      },
      "Q3 2024": {
        "value": 54.7415
      },
      "Q2 2024": {
        "value": 53.1396
      },
      "Q1 2024": {
        "value": 56.6365
      }
    },
    "Gross Profit Margin %": {
      "Q4 2025": {
        "value": 97.7713
      },
      "Q3 2025": {
        "value": 97.7978
      },
      "Q2 2025": {
        "value": 97.6652
      },
      "Q1 2025": {
        "value": 97.8233
      },
      "Q4 2024": {
        "value": 97.8371
      },
      "Q3 2024": {
        "value": 97.7528
      },
      "Q2 2024": {
        "value": 97.8461
      },
      "Q1 2024": {
        "value": 97.9036
      }
    },
    "Total Debt": {
      "Q4 2025": {
        "value": 26084000000.0
      },
      "Q3 2025": {
        "value": 25138000000.0,
        "citation": "{{ref:H6PiJibFzWY:16}}"
      },
      "Q2 2025": {
        "value": 20762000000.0,
        "citation": "{{ref:dfKhgmZkx8Y:16}}"
      },
      "Q1 2025": {
        "value": 20609000000.0,
        "citation": "{{ref:mPgfF8V93VY:13}}"
      },
      "Q4 2024": {
        "value": 21671000000.0,
        "citation": "{{ref:jaEEF-PLx1E:128}}"
      },
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        "citation": "{{ref:dkJTPWBKfsk:16}}"
      },
      "Q2 2024": {
        "value": 20603000000.0,
        "citation": "{{ref:iwQuhMt-gBw:15}}"
      },
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        "citation": "{{ref:MtijTdlMKXk:13}}"
      }
    },
    "Total Equity": {
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        "value": 37909000000.0,
        "citation": "{{ref:2DWXLw1cFjI:95}}"
      },
      "Q3 2025": {
        "value": 38664000000.0,
        "citation": "{{ref:H6PiJibFzWY:4}}"
      },
      "Q2 2025": {
        "value": 38030000000.0,
        "citation": "{{ref:dfKhgmZkx8Y:2}}"
      },
      "Q1 2025": {
        "value": 38296000000.0,
        "citation": "{{ref:mPgfF8V93VY:2}}"
      },
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        "value": 39137000000.0,
        "citation": "{{ref:jaEEF-PLx1E:85}}"
      },
      "Q3 2024": {
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        "citation": "{{ref:dkJTPWBKfsk:2}}"
      },
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        "value": 40485000000.0,
        "citation": "{{ref:iwQuhMt-gBw:4}}"
      },
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        "citation": "{{ref:MtijTdlMKXk:2}}"
      }
    },
    "Total Assets": {
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        "value": 99627000000.0,
        "citation": "{{ref:2DWXLw1cFjI:95}}"
      },
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        "citation": "{{ref:H6PiJibFzWY:2}}"
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        "citation": "{{ref:dfKhgmZkx8Y:2}}"
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        "citation": "{{ref:jaEEF-PLx1E:85}}"
      },
      "Q3 2024": {
        "value": 91040000000.0,
        "citation": "{{ref:dkJTPWBKfsk:2}}"
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      "Q2 2024": {
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      },
      "Q1 2024": {
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        "citation": "{{ref:MtijTdlMKXk:2}}"
      }
    },
    "Cash And Equivalents": {
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        "citation": "{{ref:2DWXLw1cFjI:95}}"
      },
      "Q3 2025": {
        "value": 17092000000.0,
        "citation": "{{ref:H6PiJibFzWY:2}}"
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      },
      "Q1 2025": {
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        "citation": "{{ref:mPgfF8V93VY:2}}"
      },
      "Q4 2024": {
        "value": 11975000000.0,
        "citation": "{{ref:jaEEF-PLx1E:85}}"
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      "Q3 2024": {
        "value": 12947000000.0,
        "citation": "{{ref:dkJTPWBKfsk:2}}"
      },
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        "citation": "{{ref:iwQuhMt-gBw:2}}"
      },
      "Q1 2024": {
        "value": 13591000000.0,
        "citation": "{{ref:MtijTdlMKXk:2}}"
      }
    },
    "Net Debt": {
      "Q4 2025": {
        "value": 7087000000.0
      },
      "Q3 2025": {
        "value": 5958000000.0
      },
      "Q2 2025": {
        "value": 7011000000.0
      },
      "Q1 2025": {
        "value": 6275000000.0
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      "Q4 2024": {
        "value": 6496000000.0
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        "value": 3958000000.0
      },
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        "value": 2900000000.0
      },
      "Q1 2024": {
        "value": 2107000000.0
      }
    },
    "Levered Free Cash Flow": {
      "Q4 2025": {
        "value": 5292625000.0
      },
      "Q3 2025": {
        "value": 6742625000.0
      },
      "Q2 2025": {
        "value": 4527125000.0
      },
      "Q1 2025": {
        "value": 3493500000.0
      },
      "Q4 2024": {
        "value": 3309375000.0
      },
      "Q3 2024": {
        "value": 3436125000.0
      },
      "Q2 2024": {
        "value": 3675375000.0
      },
      "Q1 2024": {
        "value": 2709000000.0
      }
    },
    "Cash from Operations": {
      "Q4 2025": {
        "value": 6238000000.0
      },
      "Q3 2025": {
        "value": 6730000000.0
      },
      "Q2 2025": {
        "value": 4695000000.0,
        "citation": "{{ref:dfKhgmZkx8Y:31}}"
      },
      "Q1 2025": {
        "value": 5396000000.0,
        "citation": "{{ref:mPgfF8V93VY:30}}"
      },
      "Q4 2024": {
        "value": 6664000000.0
      },
      "Q3 2024": {
        "value": 5134000000.0
      },
      "Q2 2024": {
        "value": 4538000000.0
      },
      "Q1 2024": {
        "value": 3614000000.0,
        "citation": "{{ref:MtijTdlMKXk:31}}"
      }
    },
    "Capital Expenditure": {
      "Q4 2025": {
        "value": -389000000.0
      },
      "Q3 2025": {
        "value": -421000000.0
      },
      "Q2 2025": {
        "value": -327000000.0
      },
      "Q1 2025": {
        "value": -345000000.0,
        "citation": "{{ref:mPgfF8V93VY:6}}"
      },
      "Q4 2024": {
        "value": -309000000.0
      },
      "Q3 2024": {
        "value": -400000000.0
      },
      "Q2 2024": {
        "value": -281000000.0
      },
      "Q1 2024": {
        "value": -267000000.0,
        "citation": "{{ref:MtijTdlMKXk:6}}"
      }
    },
    "Return On Equity %": {
      "Q4 2025": {
        "value": 53.178
      },
      "Q3 2025": {
        "value": 54.9924,
        "citation": "{{ref:2DWXLw1cFjI:92}}"
      },
      "Q2 2025": {
        "value": 47.9728,
        "citation": "{{ref:dfKhgmZkx8Y:19}}"
      },
      "Q1 2025": {
        "value": 52.8868
      },
      "Q4 2024": {
        "value": 53.9444
      },
      "Q3 2024": {
        "value": 48.59
      },
      "Q2 2024": {
        "value": 46.5032
      },
      "Q1 2024": {
        "value": 49.8556,
        "citation": "{{ref:-5gImpF6bvc:79}}"
      }
    },
    "Total Debt/Equity": {
      "Q4 2025": {
        "value": 68.8068
      },
      "Q3 2025": {
        "value": 65.0165
      },
      "Q2 2025": {
        "value": 54.5937
      },
      "Q1 2025": {
        "value": 53.815
      },
      "Q4 2024": {
        "value": 55.3721
      },
      "Q3 2024": {
        "value": 51.8563
      },
      "Q2 2024": {
        "value": 50.8904
      },
      "Q1 2024": {
        "value": 52.1053
      }
    },
    "Net Debt / EBITDA": {
      "Q4 2025": {
        "value": 0.238917
      },
      "Q3 2025": {
        "value": 0.209523
      },
      "Q2 2025": {
        "value": 0.260052
      },
      "Q1 2025": {
        "value": 0.230292
      },
      "Q4 2024": {
        "value": 0.243196
      },
      "Q3 2024": {
        "value": 0.162293
      },
      "Q2 2024": {
        "value": 0.119048
      },
      "Q1 2024": {
        "value": 0.084823
      }
    }
  },
  "periods": [
    "Q4 2025",
    "Q3 2025",
    "Q2 2025",
    "Q1 2025",
    "Q4 2024",
    "Q3 2024",
    "Q2 2024",
    "Q1 2024"
  ]
}

Search for competitive positioning

Input

+Mastercard +competition +market +share +(payment network) +American +Express +fintech +disruption --QDF=3

Output

[Total chunks returned: 8]

<chunk>
{{ref:2DWXLw1cFjI:26}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: The following chart compares our network with certain network competitors for calendar year 2024(1):
```csv
,Visa,American Express,Diners Club / Discover,JCB,Mastercard
Payments Volume ($B),"13,433","1,750",253,319,"8,014"
Total Volume ($B) (2),"15,927","1,765",266,327,"9,757"
Total Transactions (B),311,12,4,7,204
Cards (M),"4,805",147,72,167,"3,146"
```

(1)American Express, Diners Club / Discover, JCB and Mastercard data sourced from The Nilson Report issue 1288 (June 2025). Includes all consumer, small business and commercial credit, debit and prepaid cards for Visa and Mastercard and includes all consumer, small business and commercial credit cards, including business from third-party issuers, for American Express, Diners Club / Discover, and JCB. JCB figures include other payment-related products and some figures are estimates. Mastercard excludes Maestro and Cirrus figures.

(2)Total volume is the sum of payments volume and cash volume. Cash volume generally consists of cash access transactions, balance access transactions, balance transfers and convenience checks.

Local and Regional Networks: Operated in many countries, these networks often have the support of government influence or mandate. In some cases, they are owned by financial institutions or payment processors.

17

These networks typically focus on debit payment products, and may have strong local acceptance and recognizable brands. Examples include NYCE, Pulse and STAR in the U.S.; Interac in Canada; and eftpos in Australia.

Alternative Payments Providers: These providers, such as closed commerce ecosystems, BNPL solutions and cryptocurrency platforms (including stablecoins), often have a primary focus of enabling payments through ecommerce and mobile channels; however, they are expanding or may expand their offerings to the physical point of sale. These companies may process payments using in-house account transfers between parties, electronic funds transfer networks like the ACH, global or local networks like Visa, or some combination of the foregoing. In some cases, these entities can be both a partner and a competitor to Visa.

RTP Networks: RTP networks have launched in at least 80 countries and continue to be driven by strong government sponsorship and regulatory initiatives to enable and drive adoption (e.g., FedNow in the U.S., PIX in Brazil and United Payments Interface (UPI) in India), increasing their position as an alternative to payment card schemes. These networks primarily focus on domestic transactions, with adoption varying by use cases and geographies. However, with linkages such as PayNow in Singapore and UPI in India, cross-border RTP networks are advancing and will compete with our cross-border business. RTP networks can compete with Visa on consumer payments and other payment flows (e.g., B2B and P2P) but can also be customers for value-added services, such as risk management.

Digital Wallet Providers: Digital wallet providers continue to expand payment capabilities in person and online for consumers and sellers and provide consumers with additional ways to pay. While digital wallets can help drive Visa volumes, they can also be funded by non-card payment options. Digital wallet providers who utilize RTP networks provide additional competition.

Payment Processors: Payment processors may perform processing services on third-party payments networks on behalf of issuers or acquirers. We compete with payment processors for the processing of Visa transactions. These processors may benefit from mandates requiring them to handle processing under local regulation. For example, as a result of the Interchange Fee Regulation (IFR) in Europe, we may face competition from other networks, processors and other third parties who could process Visa transactions directly with issuers and acquirers.
</chunk>

<chunk>
{{ref:jaEEF-PLx1E:19}}
ticker: V
publication_date: 2024-11-13
section: Business
doc_type: 10-K
period: FY 2024
text: The following chart compares our network with certain network competitors for calendar year 2023(1):
```csv
,Visa,American Express,Diners Club / Discover,JCB,Mastercard
Payments Volume ($B),"12,620","1,665",256,321,"7,344"
Total Volume ($B) (2),"15,114","1,680",272,329,"9,029"
Total Transactions (B),284,12,4,7,184
Cards (M),"4,484",141,72,156,"2,948"
```

(1)American Express, Diners Club / Discover, JCB and Mastercard data sourced from The Nilson Report issue 1264 (May 2024). Includes all consumer, small business and commercial credit, debit and prepaid cards. American Express, Diners Club / Discover, and JCB include business from third-party issuers. JCB figures include other payment-related products and some figures are estimates. Mastercard excludes Maestro and Cirrus figures.

(2)Total volume is the sum of payments volume and cash volume. Cash volume generally consists of cash access transactions, balance access transactions, balance transfers and convenience checks.

Local and Regional Networks: Operated in many countries, these networks often have the support of government influence or mandate. In some cases, they are owned by financial institutions or payment processors. These networks typically focus on debit payment products, and may have strong local acceptance, and recognizable brands. Examples include NYCE, Pulse and STAR in the U.S.; Interac in Canada; and eftpos in Australia.

Alternative Payments Providers: These providers, such as closed commerce ecosystems, BNPL solutions and cryptocurrency platforms, often have a primary focus of enabling payments through ecommerce and mobile channels; however, they are expanding or may expand their offerings to the physical point of sale. These companies may process payments using in-house account transfers between parties, electronic funds transfer networks like the ACH, global or local networks like Visa, or some combination of the foregoing. In some cases, these entities can be both a partner and a competitor to Visa.

RTP Networks: RTP networks have launched in at least 80 countries and continue to be driven by strong government sponsorship and regulatory initiatives to enable and drive adoption (e.g., FedNow in the U.S., PIX in Brazil and United Payments Interface (UPI) in India), increasing their position as an alternative to payment card schemes. These networks primarily focus on domestic transactions, with adoption varying by use cases and geographies. However, with linkages such as PayNow in Singapore and UPI in India, cross-border RTP networks are advancing and will compete with our cross-border business. RTP networks can compete with Visa on consumer payments and other payment flows (e.g., B2B and P2P) but can also be customers for value-added services, such as risk management.

Digital Wallet Providers: They continue to expand payment capabilities in person and online for consumers and merchants and provide consumers with additional ways to pay. While digital wallets can help drive Visa volumes, they can also be funded by non-card payment options. Digital wallet providers who utilize RTP networks provide additional competition.

Payment Processors: Payment processors may perform processing services on third-party payments networks on behalf of issuers or acquirers. We compete with payment processors for the processing of Visa transactions. These processors may benefit from mandates requiring them to handle processing under local regulation. For example, as a result of regulation in Europe under the Interchange Fee Regulation (IFR), we may face competition from other networks, processors and other third parties who could process Visa transactions directly with issuers and acquirers.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:25}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: COMPETITION

The global payments industry continues to undergo dynamic and rapid change. Existing and emerging competitors compete with Visa’s network and payment solutions for consumers and for participation by financial institutions and sellers. Technology and innovation are shifting consumer habits and driving growth opportunities in ecommerce, GenAI agent-based commerce, mobile payments, blockchain technology and digital currencies, including stablecoins. These advances are enabling new entrants, many of which depart from traditional network payment models. In certain countries, the evolving regulatory landscape is creating local networks or enabling additional processing competition.

We compete against all forms of payment. These include paper-based payments, primarily cash and checks, and all forms of electronic payments. Our electronic payment competitors principally include the ones listed below.

Global or Multi-regional Networks: These networks typically offer a range of branded, general purpose card payment products that consumers can use at millions of merchant locations around the world. Examples include American Express, Diners Club/Discover (now owned by Capital One), JCB, Mastercard and UnionPay. These competitors may be more concentrated in specific geographic regions, such as Discover in the U.S. and JCB in Japan, or have a leading position in certain countries, such as UnionPay in China. See Item 1A—Regulatory Risks—Government-imposed obligations and/or restrictions on international payments systems may prevent us from competing against providers in certain countries, including significant markets such as China and India. Based on available data, Visa is one of the largest retail electronic funds transfer networks used throughout the world.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:116}}
ticker: V
publication_date: 2025-11-06
section: Financial Statements and Supplementary Data
doc_type: 10-K
period: FY 2025
text: On August 26, 2014, Visa entered into an amendment to the omnibus agreement. The omnibus amendment makes applicable to certain settlements in opt-out cases in the interchange multidistrict litigation the settlement-sharing provisions of the omnibus agreement, pursuant to which the monetary portion of any settlement of the interchange multidistrict litigation covered by the omnibus agreement would be divided into a Mastercard portion at 33.3333% and a Visa portion at 66.6667%. The omnibus amendment also provides that in the event of termination of the class settlement agreement, Visa and Mastercard would make mutually acceptable arrangements so that Visa shall have received two-thirds and Mastercard shall have received one-third of the total of (i) the sums paid to defendants as a result of the termination of the settlement agreement and (ii) the takedown payments previously made to defendants.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:44}}
ticker: V
publication_date: 2025-11-06
section: Risk Factors
doc_type: 10-K
period: FY 2025
text: We face intense competition in our industry.

The global payments space is intensely competitive. As technology evolves and consumer expectations change, new competitors or methods of payment emerge, and existing clients and competitors assume different roles. Our products compete with cash, checks, electronic payments, virtual currency payments, global or multi-regional networks, other domestic and closed-loop payments systems, digital wallets and alternative payments providers primarily focused on enabling payments through ecommerce and mobile channels. As the global payments space becomes more complex, we face increasing competition from our clients, other emerging payment providers such as fintechs, other digital payments, technology companies that have developed payments systems enabled through online activity in ecommerce, social media, and mobile channels, other providers of CMS and VAS offerings, as well as governments in a number of jurisdictions (e.g., U.S., Brazil and India), that are developing, supporting and/or operating national schemes, RTP networks and other payment platforms. For more information, please see Item 1—Competition above.

Our competitors may acquire, develop or make better use of substantially better technology, have more widely adopted delivery channels, or have greater financial resources. They may offer more effective, innovative or a wider range of programs, products and services. They may use more effective advertising and marketing strategies that result in broader brand recognition and greater use, including with respect to issuance and seller acceptance. They may also develop better solutions or offer more favorable pricing. Moreover, even if we successfully adapt to technological change and the proliferation of alternative types of payment services by developing and offering our own services in these areas, such services may provide less favorable financial terms for us, which could hurt our financial results. We expect to face more competition as AI continues to advance and GenAI and agentic AI capabilities become integrated into payments and related services in two main ways: first, by competitors successfully enhancing their products, services and external offerings with AI to achieve greater and faster product adoption; and second, by competitors providing internal AI tools to upskill their employees for greater operational efficiencies and impact. In addition, our competitors may have, or in the future may obtain, proprietary rights that would prevent, limit or interfere with our ability to design, use or sell our own AI-based offerings or services to our clients and other third parties. If we do not continue to invest in developing and supporting our AI-based initiatives, we may fall behind technological developments and evolving industry standards, which would likewise harm our reputation and ability to effectively compete, retain clients or grow our business.
</chunk>

<chunk>
{{ref:jaEEF-PLx1E:18}}
ticker: V
publication_date: 2024-11-13
section: Business
doc_type: 10-K
period: FY 2024
text: INTELLECTUAL PROPERTY

We own and manage the Visa brand, which stands for acceptance, security, convenience, speed and reliability. Our portfolio of Visa-owned trademarks is important to our business. Generally, trademark registrations are valid indefinitely as long as they are in use and/or maintained. We give our clients access to these assets through agreements with our issuers and acquirers, which authorize the use of our trademarks in connection with their participation in our payments network. Additionally, we own a number of patents and patent applications related to our business and continue to pursue patents in emerging technologies that may have applications in our business. We rely on a combination of patent, trademark, copyright and trade secret laws in the U.S. and other jurisdictions, as well as confidentiality procedures and contractual provisions, to protect our proprietary technology.

COMPETITION

The global payments industry continues to undergo dynamic and rapid change. Existing and emerging competitors compete with Visa’s network and payment solutions for consumers and for participation by financial institutions and merchants. Technology and innovation are shifting consumer habits and driving growth opportunities in ecommerce, mobile payments, blockchain technology and digital currencies. These advances are enabling new entrants, many of which depart from traditional network payment models. In certain countries, the evolving regulatory landscape is creating local networks or enabling additional processing competition.

We compete against all forms of payment. These include paper-based payments, primarily cash and checks, and all forms of electronic payments. Our electronic payment competitors principally include:

Global or Multi-regional Networks: These networks typically offer a range of branded, general purpose card payment products that consumers can use at millions of merchant locations around the world. Examples include American Express, Diners Club/Discover, JCB, Mastercard and UnionPay. These competitors may be more concentrated in specific geographic regions, such as Discover in the U.S. and JCB in Japan, or have a leading

14

position in certain countries, such as UnionPay in China. See Item 1A—Regulatory Risks—Government-imposed obligations and/or restrictions on international payments systems may prevent us from competing against providers in certain countries, including significant markets such as China and India. Based on available data, Visa is one of the largest retail electronic funds transfer networks used throughout the world.
</chunk>

<chunk>
{{ref:jaEEF-PLx1E:105}}
ticker: V
publication_date: 2024-11-13
section: Financial Statements and Supplementary Data
doc_type: 10-K
period: FY 2024
text: On August 26, 2014, Visa entered into an amendment to the omnibus agreement. The omnibus amendment makes applicable to certain settlements in opt-out cases in the interchange multidistrict litigation the settlement-sharing provisions of the omnibus agreement, pursuant to which the monetary portion of any settlement of the interchange multidistrict litigation covered by the omnibus agreement would be divided into a Mastercard portion at 33.3333% and a Visa portion at 66.6667%. The omnibus amendment also provides that in the event of termination of the class settlement agreement, Visa and Mastercard would make mutually acceptable arrangements so that Visa shall have received two-thirds and Mastercard shall have received one-third of the total of (i) the sums paid to defendants as a result of the termination of the settlement agreement and (ii) the takedown payments previously made to defendants.
</chunk>

<chunk>
{{ref:jaEEF-PLx1E:37}}
ticker: V
publication_date: 2024-11-13
section: Risk Factors
doc_type: 10-K
period: FY 2024
text: We face intense competition in our industry.

The global payments space is intensely competitive. As technology evolves and consumer expectations change, new competitors or methods of payment emerge, and existing clients and competitors assume different roles. Our products compete with cash, checks, electronic payments, virtual currency payments, global or multi-regional networks, other domestic and closed-loop payments systems, digital wallets and alternative payments providers primarily focused on enabling payments through ecommerce and mobile channels. As the global payments space becomes more complex, we face increasing competition from our clients, other emerging payment providers such as fintechs, other digital payments, technology companies that have developed payments systems

24

enabled through online activity in ecommerce, social media, and mobile channels, other providers of new flows and value-added service offerings, as well as governments in a number of jurisdictions (e.g., Brazil and India) as discussed above, that are developing, supporting and/or operating national schemes, RTP networks and other payment platforms. For more information, please see Item 1—Competition above.

Our competitors may acquire, develop, or make better use of substantially better technology, have more widely adopted delivery channels, or have greater financial resources. They may offer more effective, innovative or a wider range of programs, products and services. They may use more effective advertising and marketing strategies that result in broader brand recognition and greater use, including with respect to issuance and merchant acceptance. They may also develop better security solutions or more favorable pricing arrangements. Moreover, even if we successfully adapt to technological change and the proliferation of alternative types of payment services by developing and offering our own services in these areas, such services may provide less favorable financial terms for us than we currently receive from VisaNet transactions, which could hurt our financial results and prospects.
</chunk>

Search for growth catalysts

Input

+growth +catalyst +(value-added services) +(new flows) +(cross-border) +digital +payments +expansion --QDF=4

Output

[Total chunks returned: 8]

<chunk>
{{ref:2DWXLw1cFjI:12}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: Expanding Our Reach in Consumer Payments

We aim to capture value and drive yield from CP currently routed through A2A networks via two primary strategies. First, we are focused on capturing A2A payments through card-enabled payment flows. One example of our most recent innovations in this space is Visa Pay, which we launched in 2025, expanding digital payment access by connecting participating digital wallets to Visa’s network with digital credentials for payments globally. In certain regions, digital wallet providers, A2A schemes and banks can adopt Visa Pay by connecting to our APIs directly, enabling access to Visa’s global acceptance as a white-label solution within the user’s app. In addition, we are piloting these same functionalities through our full stack SDK. In the Central and Eastern Europe, Middle East and Africa markets, a stand-alone Visa Pay app enables banks to offer their customers the ability to set up a Visa account or payment credential and conduct payments at Visa acceptance locations.

Second, we leverage A2A networks to deliver Visa-branded A2A products, most notably through Tink, our open banking solution in regions, such as Europe and Latin America. Tink enables open banking and data exchange for A2A transactions. Since acquiring Tink in 2022, we have scaled our open banking payments network, reaching thousands of bank connections as of September 30, 2025. Please see our Advisory and Other Services discussion below. Visa is collaborating with our financial institution and fintech partners to bring Visa A2A to United Kingdom customers. In addition, as we expand the Visa as a Service stack, we are providing value-added services to local payment methods operating on A2A or RTP networks. Please see our Risk and Security Solutions discussion below.

Commercial & Money Movement Solutions

CMS is focused on driving digitization and improving the payments and money movement experience across all payment flows, beyond C2B, through our network of networks. These include P2P, B2C, B2B and G2C payments, which provide some of the largest payment opportunities in the world. Representing a total addressable opportunity of approximately $200 trillion(3) of payment flows annually, excluding Russia and China, this pillar of our business aims to make payments and money movement easier for businesses, consumers and governments, using both Visa’s global network and connectivity to other networks around the world.

We have two key objectives in this business area. The first objective is to address B2B payments flows from small businesses up to large enterprises and governments through our Visa Commercial Solutions, a card and virtual payments-led business. This part of the business focuses on addressing approximately $35 trillion of annual opportunity by converting small and medium business spend to our solutions; scaling our existing large and middle market use cases to more countries, corporates and partners; delivering product innovation and network flexibility, driving more B2B spend to cards and virtual payments, enabling new and emerging B2B verticals; and unlocking new commercial card acceptance with suppliers.

The second objective is to address money movement and a subset of B2B flows through Visa Direct. This part of the business focuses on growing our domestic business through our core P2P use case and penetrating new use cases, growing our cross-border flows through enhanced network capabilities; and deepening our relationships with existing clients through new use cases, corridors and services. Through our Visa Direct strategy, we are pursuing approximately $55 trillion of annual opportunity in P2P, B2C and G2C money movement flows and approximately $25 trillion of annual opportunity in B2B money movement flows.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:8}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: Visa’s strategy is to accelerate revenue growth through consumer payments (CP), commercial and money movement solutions (CMS) and value-added services (VAS), as well as fortify the key foundations of our business model. In CP, we are focused on strengthening our impact in card-based consumer payments and expanding our reach in non-card-based payments. In CMS, formerly known as new flows, we are driving and enabling further penetration of commercial payments and money movement. Finally, in VAS, we are delivering innovative services to deepen our partnerships with our clients.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:5}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: •We are using our componentized capabilities and global connectivity to power all types of payments and deliver services to all types of clients worldwide through our Visa as a Service stack, which has four layers: the foundation layer, the services layer, the solutions layer and the access layer. Our foundation layer comprises the network infrastructure that enables connections to approximately 12 billion cards, bank accounts and digital wallets with more than 175 million merchant locations across more than 200 countries and territories. Our services layer organizes core capabilities, including authentication, risk management and fraud detection, into discrete, reusable components that can be utilized individually or combined into solutions. These modular services are the building blocks of our comprehensive portfolio in our solutions layer, which are enhanced to create new features and capabilities for our clients. Finally, the access layer provides clients the entry point to these solutions via on-demand APIs, our MCP server that enables AI systems to interface with our Visa Intelligent Commerce APIs, and fully managed solutions. The Visa as a Service stack enables organizations of any size to access and scale Visa’s network capabilities globally.

•We are accelerating the migration to digital payments through our network of networks strategy. We aim to provide a single connection point so that Visa clients can enable money movement for businesses, governments and consumers, regardless of which network is used to start or complete the transaction. This model ultimately helps to unify a complex payments ecosystem. Visa’s network of networks approach creates opportunities by facilitating person-to-person (P2P), business-to-consumer (B2C), business-to-business (B2B) and government-to-consumer (G2C) payments, in addition to consumer-to-business (C2B) payments.

(1) Data provided to Visa by acquiring institutions and other third parties as of June 30, 2025.

4

•We provide value-added services to our clients, including Issuing Solutions, Acceptance Solutions, Risk and Security Solutions and Advisory and Other Services.

•We invest in and promote our brand to benefit our clients and partners through advertising, promotional and sponsorship initiatives with the International Olympic Committee, the International Paralympic Committee, the National Football League, the FIFA World Cup 2026TM and the Red Bull Formula One Teams (the Oracle Red Bull Racing Team and the Visa Cash App RB Formula One Team), among others. We also use these sponsorship assets to showcase our payment innovations.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:4}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: OVERVIEW

Visa is one of the world’s leaders in digital payments. Our purpose is to uplift everyone, everywhere by being the best way to pay and be paid. Since Visa’s early days in 1958, we have been in the business of facilitating secure, reliable and efficient global commerce and money movement. We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers in a structure we call the “four-party” model. Please see Our Core Business discussion below. As the payments ecosystem continues to evolve, we have broadened this model to include digital banks, digital wallets, a range of financial technology companies (fintechs), governments and non-governmental organizations (NGOs). We are focused on extending, enhancing and investing in our proprietary advanced transaction processing network, VisaNet, to offer a single connection point for facilitating money movement to multiple endpoints through various form factors and innovative technologies across more than 200 countries and territories. Visa is committed to advancing innovation within the payment technology sector. Building upon our track record of industry leadership, including early adoption and integration of artificial intelligence (AI) models in payment systems, Visa continues to invest in the development and deployment of next-generation technologies, such as generative AI (GenAI), stablecoins and agentic commerce. During fiscal 2025, 329 billion payments and cash transactions with Visa’s brand were processed by Visa or other networks, equating to an average of 901 million transactions per day. Of the 329 billion total transactions, 258 billion were processed by Visa.

•We offer a wide range of Visa-branded payment products that our clients, including nearly 14,500 financial institutions, use to develop and offer payment solutions or services, including credit, debit, prepaid and cash access programs for individual, business and government account holders. During fiscal 2025, Visa’s total payments and cash volume was $17 trillion, and we had nearly 5 billion payment credentials, which are issued Visa card accounts, that were available to be used at more than 175 million merchant locations worldwide.(1)

•We take an open partnership approach and seek to provide value by enabling access to our global network through multiple integration methods, including programmatic access via application programming interfaces (APIs) and structured data exchange through our Model Context Protocol (MCP) server. We partner with traditional financial institutions and emerging fintech and AI companies to innovate and expand the payments ecosystem, enabling them to leverage our platform infrastructure to accelerate their business growth and market expansion.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:14}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: Value-Added Services

VAS represents approximately a $520 billion annual revenue opportunity(4) for us to diversify our revenue with products and solutions that help our clients and partners optimize their performance, differentiate their offerings and create better experiences for their consumers. Our comprehensive suite of value-added services spans four portfolios: Issuing Solutions, Acceptance Solutions, Risk and Security Solutions and Advisory and Other Services, which represent approximately $125 billion, $95 billion, $150 billion and $150 billion, respectively, of our overall $520 billion annual revenue opportunity in VAS.

Our VAS strategy, aimed at deepening our partnerships, has three areas of focus: (1) enhance Visa payments by making the Visa network easier to access, more attractive and more secure, increasing yield per transaction; (2) enable all payments by providing access and managing experiences for A2A, alternative payment methods and other card schemes; and (3) go beyond payments by helping clients optimize their payments businesses and achieve multiplier effects. We have made significant progress across each of these areas and offer more than 200 products and services as of September 30, 2025, many of which are designed to work together to deliver high-impact business outcomes.

(4) Visa analysis based on third-party studies as of 2024.

11
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:9}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: We seek to accelerate revenue growth through the following areas:

Consumer Payments

On an annual basis, we see more than $40 trillion(2) of addressable consumer spend, excluding Russia and China. Of this spend opportunity, we are pursuing an estimated more than $20 trillion annual opportunity in underserved consumer spend, spread across cash, check, legacy Automated Clearing House (ACH), account to account (A2A) payments and real time payments (RTP) or other less effective forms of digital payments.

We aim to grow CP by strengthening Visa’s impact in card-based consumer payments and expanding our reach in non-card-based payments. We are investing in Tap to Everything, token technology, cross-border capabilities, offerings to affluent consumers, consumer credit capabilities and other opportunities to drive our volume and expand the scope of our transactions and our payment credentials on top of which we can deliver a growing array of Visa services.

Core Products

Visa’s growth has been driven by the strength of our core products — credit, debit and prepaid.

(2) Visa analysis based on third-party studies for the period covering calendar year 2024.

7

Credit: Credit cards and digital payment credentials allow consumers and businesses to access credit to pay for goods and services. Credit cards are affiliated with programs operated by financial institution clients, co-brand partners, fintechs and affinity partners.

Debit: Debit cards and digital payment credentials allow consumers and small businesses to purchase goods and services using funds held in their deposit accounts. Debit cards enable account holders to transact in person, online or via mobile without cash or checks and without accessing a line of credit. The Visa/PLUS Global ATM network also provides debit, credit and prepaid account holders with cash access and other banking capabilities. Issuing and acquiring partnerships with both financial institutions and independent ATM operators enable these capabilities.

Prepaid: Prepaid cards and digital payment credentials draw from a designated balance funded by individuals, businesses or governments. Prepaid cards address many use cases and needs, including general purpose reloadable, payroll, government and corporate disbursements, healthcare, gifting and travel. Visa-branded prepaid cards also play an important part in financial inclusion, bringing payment solutions to those with limited or no access to traditional banking products.

Key Enablers

By enabling CP, we help our clients grow as digital commerce, new technologies and new participants continue to transform the payments ecosystem.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:8}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: Visa’s strategy is to accelerate revenue growth through consumer payments (CP), commercial and money movement solutions (CMS) and value-added services (VAS), as well as fortify the key foundations of our business model. In CP, we are focused on strengthening our impact in card-based consumer payments and expanding our reach in non-card-based payments. In CMS, formerly known as new flows, we are driving and enabling further penetration of commercial payments and money movement. Finally, in VAS, we are delivering innovative services to deepen our partnerships with our clients.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:24}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: MERGERS AND ACQUISITIONS, JOINT VENTURES AND STRATEGIC INVESTMENTS

Visa continually explores opportunities to augment our capabilities and provide meaningful value to our clients. Mergers and acquisitions, joint ventures and strategic investments complement our internal development and enhance our partnerships to align with Visa’s priorities. Visa applies a rigorous business analysis to our acquisitions, joint ventures and investments to ensure they will differentiate our network, provide value-added services and accelerate growth.

In fiscal 2024, we completed our acquisition of Pismo, a global cloud-native issuer processing and core banking platform with operations in Latin America, Asia Pacific and Europe, and we entered into a definitive agreement to acquire a majority interest in Prosa, a leading payments processor in Mexico. After closing, Prosa will continue to operate as an independent company. The Prosa acquisition is subject to customary closing conditions, including applicable regulatory approvals. In fiscal 2025, we completed our acquisition of Featurespace, a developer of real-time artificial intelligence payments protection technology that helps prevent and mitigate payments fraud and financial crime risks.

16

CORPORATE RESPONSIBILITY AND SUSTAINABILITY

Visa is committed to operating as a responsible, ethical, inclusive and sustainable company. As a trusted network and global leader in digital payments, Visa strives to join with clients, partners and other stakeholders to empower people, businesses and communities to thrive. Visa’s purpose is to uplift everyone, everywhere by being the best way to pay and be paid. While we work toward this goal, we are committed to managing the risks and opportunities that arise from environmental and social issues and providing strong executive and Board oversight of our overall strategy. Our 2024 CRS Report, as well as other CRS-related resources are available in the CRS Resources section of our corporate website at corporate.visa.com/en/about-visa/crs/resources.html. See Available Information below.

INTELLECTUAL PROPERTY

We own and manage the Visa brand, which stands for acceptance, security, convenience, speed and reliability. Our portfolio of Visa-owned trademarks is important to our business. Generally, trademark registrations are valid indefinitely as long as they are in use and/or maintained. We give our clients access to these assets through agreements with our issuers and acquirers, which authorize the use of our trademarks in connection with their participation in our payments network. Additionally, we own many patents and patent applications related to our business and continue to pursue patents in emerging technologies that may have applications in our business. We rely on a combination of patent, trademark, copyright and trade secret laws in the U.S. and other jurisdictions, as well as confidentiality procedures and contractual provisions, to protect our proprietary technology.
</chunk>

Search for risks

Input

+risk +regulatory +antitrust +litigation +DOJ +interchange +(debit routing) +competition --QDF=4

Output

[Total chunks returned: 8]

<chunk>
{{ref:2DWXLw1cFjI:33}}
ticker: V
publication_date: 2025-11-06
section: Risk Factors
doc_type: 10-K
period: FY 2025
text: Regulatory Risks

We are subject to complex and evolving global regulations that could harm our business and financial results.

As a global payments technology company, we are subject to complex and evolving regulations that govern our operations. Such regulations may increase in quantity, complexity and scope in response to heightened geopolitical tensions. See Item 1—Government Regulation for more information on the most significant areas of regulation that affect our business. The impact of these regulations on us, our clients, and other third parties could limit our ability to enforce our payments system rules; require us to adopt new rules or change existing rules; affect our existing contractual arrangements; and increase our compliance costs. As discussed in more detail below, we may face differing rules and regulations in matters like interchange reimbursement rates, preferred routing, domestic processing and localization requirements, currency conversion, point-of-sale transaction rules and practices, privacy, data use and protection, licensing requirements and associated product technology. As a result, the Visa operating rules and our other contractual commitments may differ from country to country, state to state, or product to product. Complying with these and other regulations increases our costs and operational complexity, and reduces our revenue opportunities.

If widely varying regulations come into existence worldwide, we may have difficulty rapidly adjusting our products, services, fees and other important aspects of our business to comply with the regulations. Our compliance programs and policies are designed to support our compliance with a wide array of regulations and laws, such as regulations regarding anti-money laundering, anti-corruption, competition, money transfer services, privacy and sanctions, and we continually adjust our compliance programs as regulations evolve. However, we cannot guarantee that our practices will be deemed compliant by all applicable regulatory authorities. In the event our controls should fail or we are found to be out of compliance for other reasons, we could be subject to monetary damages, civil and criminal penalties, litigation, investigations and proceedings, and damage to our global brands and reputation.

Increased scrutiny and regulation of the global payments industry, including with respect to interchange reimbursement fees, merchant discount rates, operating rules, risk management protocols and other related practices, could harm our business.

Regulators around the world have been establishing or increasing their authority to regulate various aspects of the payments industry. See Item 1—Government Regulation for more information. In the U.S. and many other jurisdictions, we have historically set default IRFs. Even though we generally do not receive any revenue related to IRFs in a payment transaction (in the context of credit and debit transactions, those fees are paid by the acquirers to the issuers; the reverse is true for certain transactions like ATM transactions), IRFs are a factor on which we compete with other payments providers and are therefore an important determinant of the volume of transactions we process. Consequently, changes to these fees, whether voluntarily or by mandate, can substantially affect our overall payments volume and net revenue.

Interchange reimbursement fees, certain operating rules and related practices continue to be subject to increased government regulation globally, and regulatory authorities and central banks in a number of jurisdictions have reviewed or are reviewing these fees, rules and practices. For example:
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:156}}
ticker: V
publication_date: 2025-11-06
section: Financial Statements and Supplementary Data
doc_type: 10-K
period: FY 2025
text: MiCamp Solutions

On December 8, 2023, a complaint was filed in the U.S. District Court for the Northern District of California by MiCamp Solutions, LLC against Visa on behalf of a purported class of Independent Sales Organizations (ISOs) and their merchant customers and a purported subclass of ISOs. Thereafter, plaintiff filed an amended complaint alleging violations of federal and state antitrust laws, state data privacy laws and the constitution, based on, among other things, Visa’s interchange fees and its assessment of fees for non-compliance with its surcharge rules. The

106

complaint sought to recover damages and to enjoin the enforcement of Visa’s default interchange and surcharge rules, among other things. Visa filed a motion to dismiss that amended complaint on March 19, 2024.

On March 24, 2025, the court dismissed with prejudice plaintiffs’ constitutional law claims, dismissed with leave to amend its federal and state antitrust claims and state data privacy law claims. On April 14, 2025, plaintiff filed a second amended individual complaint alleging violations of federal and state antitrust and unfair competition laws based on Visa’s assessment of fees for non-compliance with its surcharge rules which Visa moved to dismiss on May 28, 2025.

Mirage Wine + Spirit’s Inc.

On December 14, 2023, a putative class action was filed in the U.S. District Court for the Southern District of Illinois by Mirage Wine + Spirit’s Inc. against Apple Inc. (Apple), Visa Inc. and Mastercard Incorporated on behalf of certain merchants in the United States that accepted Apple Pay as a method of payment at the physical point-of-sale from December 14, 2019. Plaintiff alleged a conspiracy under which Apple agreed not to enter a purported market for point-of-sale payment card networks services and seeks damages, injunctive relief and attorneys’ fees based on alleged violations of Section 1 of the Sherman Act. Plaintiffs filed an Amended Class Action Complaint on August 5, 2024, and defendants filed a motion to dismiss which the court granted. On August 8, 2025, the parties filed a stipulation for dismissal with prejudice, and the court subsequently entered a final judgment of dismissal as to all defendants.

U.S. Income Tax Litigation

On June 21, 2024, the Company filed a complaint against the United States in the U.S. Court of Federal Claims. The complaint challenges the denial by the Internal Revenue Service of certain income tax deductions from 2008 through 2015 related to software that the Company developed in the United States for utilization by Visa clients.

European Commission Acquirer Fees Investigation

On August 30, 2024, the EC informed Visa that it has opened a preliminary investigation into Visa’s fees charged to acquirers. Visa is cooperating with the EC in connection with the investigation.

German ATM Litigation

Beginning in December 2021, Visa was served with claims in Germany brought by German banks against Visa Europe and Visa Inc. The banks claim that Visa’s ATM rules prohibiting the charging of access fees on domestic cash withdrawals are anti-competitive, and the majority seek damages. Visa has filed challenges to the jurisdiction of the German courts to hear these claims. Jurisdictional challenges have been granted in some claims and denied in other claims, and these decisions have been appealed. One of Visa’s jurisdictional challenges is pending in the German Federal Court of Justice.

Europe Interchange Litigation

On June 20, 2025, Visa was served with claims by a group of Swiss merchants filed in the Zurich Commercial Court against several Visa entities. The claims allege that interchange fees on transactions in Switzerland are an unlawful restriction of competition and seek damages from June 1, 2022.

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ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Not applicable.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:43}}
ticker: V
publication_date: 2025-11-06
section: Risk Factors
doc_type: 10-K
period: FY 2025
text: We may be adversely affected by the outcome of litigation or investigations.

We are subject to numerous litigation matters, investigations, claims, examinations, information gathering requests, subpoenas, government and regulatory proceedings asserted by civil litigants, governments and enforcement bodies investigating or alleging, among other things, violations of competition and antitrust law, consumer protection law, privacy law and intellectual property law (these are referred to as “actions” in this section). Details of the most significant actions we face are described more fully in Note 20—Legal Matters to our consolidated financial statements included in Item 8 of this report. These actions are inherently uncertain, expensive and disruptive to our operations. In the event we are found liable or reach a settlement in any action, particularly in a large class action lawsuit, such as one involving an antitrust claim entitling the plaintiff to treble damages in the U.S., or we incur liability arising from a government investigation, we may be required to pay significant awards or judgments, settlements, costs or fines. In addition, settlement terms, judgments, orders, pressures or events in or resulting from actions have impacted and may continue to impact our business by creating uncertainty for our business or by influencing or requiring us to modify, among other things, the default interchange reimbursement rates we set, the Visa operating rules or the way in which we enforce those rules, our fees or pricing, or the way we do business. These actions or their outcomes may also influence regulators, investigators, governments or civil litigants in the same or other jurisdictions, which may lead to additional actions against Visa. Finally, we are required

26

by some of our commercial agreements to indemnify other entities for litigation brought against them, even if Visa is not a defendant. For certain actions like those that are U.S. covered litigation or VE territory covered litigation, as described in Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 20—Legal Matters to our consolidated financial statements included in Item 8 of this report, we have certain financial protections pursuant to the respective retrospective responsibility plans. The two retrospective responsibility plans are different in the protections they provide and the mechanisms by which we are protected. The failure of one or both of the retrospective responsibility plans to adequately insulate us from the impact of such settlements, judgments, losses or liabilities could materially harm our financial condition or cash flows, or even cause us to become insolvent.

Business Risks
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:28}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: GOVERNMENT REGULATION

As a global payments technology company, we are subject to complex and evolving global regulations in the various jurisdictions in which our products and services are used. The most significant government regulations that impact our business are discussed below. For further discussion of how global regulations may impact our business, see Item 1A—Regulatory Risks.

Anti-Corruption, Anti-Money Laundering, Anti-Terrorism and Sanctions: We are subject to anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act (FCPA), the UK Bribery Act and other laws that generally prohibit the making or offering of improper payments to foreign government officials and political

18

figures for the purpose of obtaining or retaining business or to gain an unfair business advantage. We are also subject to anti-money laundering and anti-terrorist financing laws and regulations, including the U.S. Bank Secrecy Act. In addition, we are subject to economic and trade sanctions programs administered by the Office of Foreign Assets Control (OFAC) in the U.S. Therefore, we do not permit financial institutions or other entities that are domiciled in countries or territories subject to comprehensive OFAC trade sanctions (currently, Cuba, Iran, North Korea, Crimea and the Donetsk People’s Republic and Luhansk People’s Republic regions of Ukraine), or that are included on OFAC’s list of Specially Designated Nationals and Blocked Persons, to issue or acquire Visa cards or engage in transactions using our products and services.

Government-imposed Market Participation Restrictions: Certain governments, including China, India, Indonesia, Thailand, Vietnam, and South Africa, have taken actions to promote domestic payments systems and/or certain issuers, payments networks or processors, by imposing regulations that favor domestic providers, impose local ownership requirements on processors, require data localization or mandate that domestic processing be done in that country.

Interchange Rates and Fees: An increasing number of jurisdictions around the world regulate or influence debit and credit interchange reimbursement rates in their regions. For example, the U.S. Dodd-Frank Wall Street Reform and Consumer Act (Dodd-Frank Act) limits interchange reimbursement rates for certain debit card transactions in the U.S.; the European Union (EU) Interchange Fee Regulation (IFR) limits interchange rates in the European Economic Area (EEA) (as discussed below); and the Reserve Bank of Australia (RBA) regulates average permissible levels of interchange.

Internet Transactions: Many jurisdictions have adopted regulations that require payments system participants to monitor, identify, filter, restrict or take other actions with regard to certain types of payment transactions on the Internet, such as gambling, digital currencies, the purchase of cigarettes or alcohol and other controversial transaction types.

Network Exclusivity and Routing: In the U.S., the Dodd-Frank Act limits network exclusivity and restrictions on seller routing choice for the debit and prepaid market segments. Other jurisdictions impose similar limitations, such as the IFR’s prohibition in Europe on restrictions that prevent multiple payment brands or functionality on the same card.

No-surcharge Rules: We have historically enforced rules that prohibit sellers from charging higher prices to consumers who pay using Visa products instead of other means. However, sellers’ ability to surcharge varies by geographic market as well as Visa product type, and continues to be impacted by litigation, regulation and legislation.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:38}}
ticker: V
publication_date: 2025-11-06
section: Risk Factors
doc_type: 10-K
period: FY 2025
text: In China, UnionPay remains the predominant processor of domestic payment card transactions and operates the predominant domestic acceptance market. Although we filed an application with the People’s Bank of China (PBOC) in May 2020 to operate a Bank Card Clearing Institution (BCCI) in China, the timing and the procedural steps for approval remain uncertain. There is no guarantee that the license to operate a BCCI will be approved or, if we obtain such license, that we will be able to successfully compete with domestic payments networks. Co-badging and co-residency regulations also pose additional challenges in markets where Visa competes with national networks for issuance and routing. Certain banks have issued dual-branded cards for which domestic transactions in China are processed by UnionPay and transactions outside of China are processed by Visa, UnionPay or other international payments networks. Although the PBOC has permitted Visa and UnionPay’s cooperation on upgrading magstripe dual-branded cards to chip cards, these modernization efforts are limited to existing cards and not new issuances. Looking forward, the PBOC is considering phasing out dual-branded cards over time as new licenses are issued to international companies to participate in China’s domestic payments market. In response, we have been working with Chinese issuers to issue Visa-only branded cards for international travel, and later for domestic transactions should we obtain a BCCI license. However, notwithstanding such efforts, these restrictions on dual-branded cards have decreased our payments volume and impacted the net revenue we generate in China.

UnionPay has grown rapidly in China and is actively pursuing international expansion plans, which could potentially lead to regulatory pressures on our international routing rule (which requires that international transactions on Visa cards be routed over VisaNet). Furthermore, although regulatory barriers shield UnionPay from competition in China, alternative payments providers such as Alipay and WeChat Pay have rapidly expanded into ecommerce, offline and cross-border payments, which could make it difficult for us to compete even if our license is approved in China. NetsUnion Clearing Corp, a Chinese digital transaction routing system, and other such systems could have a competitive advantage in comparison with international payments networks.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:90}}
ticker: V
publication_date: 2025-11-06
section: Quantitative and Qualitative Disclosures About Market Risk
doc_type: 10-K
period: FY 2025
text: ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk

Market risk is the potential economic loss arising from adverse changes in market factors. Our exposure to financial market risks results primarily from fluctuations in foreign currency exchange rates, interest rates and equity prices. Aggregate risk exposures are monitored on an ongoing basis.

Foreign Currency Exchange Rate Risk

We are exposed to risks from foreign currency exchange rate fluctuations that are primarily related to changes in the functional currency value of receipts and payments related to non-functional currency denominated transactions. We manage these risks by entering into foreign currency forward contracts that hedge exposures of the variability in the functional currency equivalent of anticipated non-functional currency denominated cash flows. Our foreign currency exchange rate risk management program reduces, but does not entirely eliminate, the impact of foreign currency exchange rate movements.

As of September 30, 2025 and 2024, the effect of a hypothetical 10% weakening in the value of the functional currencies is estimated to create an additional fair value loss of approximately $422 million and $329 million, respectively, on our outstanding foreign currency forward contracts. The loss from this hypothetical weakening would be largely offset by a corresponding gain on our cash flows from foreign currency-denominated revenue and payments. See Note 1—Summary of Significant Accounting Policies and Note 13—Derivative and Hedging Instruments to our consolidated financial statements included in Item 8 of this report.

We are further exposed to foreign currency exchange rate risk related to translation as the functional currency of Visa Europe is the Euro. Translation from the Euro to the U.S. dollar is performed for balance sheet accounts using exchange rates in effect at the balance sheet dates and for revenue and expense accounts using an average exchange rate for the period. Resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) on the consolidated balance sheets. A hypothetical 10% change in the Euro against the U.S. dollar compared to the exchange rate as of September 30, 2025 and 2024 would result in a foreign currency translation adjustment of $2.3 billion and $2.1 billion, respectively.

We designated our Euro-denominated senior notes as a net investment hedge against a portion of the foreign exchange rate exposure from our net investment in Visa Europe. Foreign currency adjustments resulting from the Euro-denominated senior notes partially offset the foreign currency translation adjustments resulting from our net investment in Visa Europe. See Note 1—Summary of Significant Accounting Policies and Note 13—Derivative and Hedging Instruments to our consolidated financial statements included in Item 8 of this report.

We are also subject to foreign currency exchange rate risk in daily settlement activities. This risk arises from the timing of rate setting for settlement with clients relative to the timing of market trades for balancing currency positions. Risk in settlement activities is limited through daily operating procedures, including the utilization of Visa settlement systems and our interaction with foreign exchange trading counterparties.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:30}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: In the UK, Visa Europe is designated as a Recognized Payment System, bringing it within the scope of the Bank of England’s supervisory powers and subjecting it to various requirements, including on issues such as governance and risk management designed to maintain the stability of the UK’s financial system. Visa Europe is also regulated by the UK’s Payment Systems Regulator (PSR), which has wide-ranging powers and authority to review our business practices, systems, rules and fees with respect to promoting competition and innovation in the UK, and ensuring payment systems take care of, and promote, the interests of service users. The PSR established a supervisory team to specifically oversee payment system operators like Visa in the aforementioned areas. Post-Brexit, the UK has adopted various European regulations, including regulations that impact the payments ecosystem, such as the IFR and PSD2. The PSR is responsible for monitoring Visa Europe’s compliance with the IFR as adopted in the UK.

Corporate Responsibility and Sustainability: Certain governments around the world are adopting laws and regulations pertaining to corporate responsibility and sustainability performance, transparency and reporting. Regulations may include mandated corporate reporting (e.g., Corporate Sustainability Reporting Directive) or in individual areas, such as mandated reporting on climate-related financial disclosures.

Additional Regulatory Developments: Various regulatory agencies across the world also continue to examine a wide variety of other issues, including mobile payment transactions, tokenization, access rights for non-financial institutions, money transfer services, identity theft, account management guidelines, disclosure rules, security and marketing that could affect our financial institution clients and our business. Furthermore, following the passage of PSD2 in Europe, several countries, including Australia, Brazil, Canada, Hong Kong and Mexico, are contemplating granting or have already granted various types of access rights to third-party processors, including access to consumer account data maintained by our financial institution clients. In October 2024, the CFPB in the U.S. issued a final rule on personal financial data rights that would provide consumers (and third parties authorized by consumers) with access to consumers’ financial data. While the regulatory status of the CFPB’s rule is uncertain, all these changes have the potential to change the competitive landscape, which would present new challenges and opportunities to our business.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:25}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: COMPETITION

The global payments industry continues to undergo dynamic and rapid change. Existing and emerging competitors compete with Visa’s network and payment solutions for consumers and for participation by financial institutions and sellers. Technology and innovation are shifting consumer habits and driving growth opportunities in ecommerce, GenAI agent-based commerce, mobile payments, blockchain technology and digital currencies, including stablecoins. These advances are enabling new entrants, many of which depart from traditional network payment models. In certain countries, the evolving regulatory landscape is creating local networks or enabling additional processing competition.

We compete against all forms of payment. These include paper-based payments, primarily cash and checks, and all forms of electronic payments. Our electronic payment competitors principally include the ones listed below.

Global or Multi-regional Networks: These networks typically offer a range of branded, general purpose card payment products that consumers can use at millions of merchant locations around the world. Examples include American Express, Diners Club/Discover (now owned by Capital One), JCB, Mastercard and UnionPay. These competitors may be more concentrated in specific geographic regions, such as Discover in the U.S. and JCB in Japan, or have a leading position in certain countries, such as UnionPay in China. See Item 1A—Regulatory Risks—Government-imposed obligations and/or restrictions on international payments systems may prevent us from competing against providers in certain countries, including significant markets such as China and India. Based on available data, Visa is one of the largest retail electronic funds transfer networks used throughout the world.
</chunk>

Search for DOJ antitrust news

Input

+DOJ +Justice +antitrust +(debit card) +monopoly +lawsuit --QDF=5

Output

[Total chunks returned: 8]

<chunk>
{{ref:UH8P6tl5AAA:19}}
ticker: V
publication_date: 2025-11-10
doc_type: 8-K
period: Q4 2025
text: (c) To facilitate Visa’s ability to engage and negotiate with merchants that may adopt selective acceptance, Visa shall amend its Rules governing acquirers to require acquirers to report to Visa bi-annually or at other reasonable intervals specified by Visa the non-acceptance practices of their merchants (other than non-acceptance of all Visa-Branded Credit Cards and Debit Cards), which reports may include, but are not

28

limited to: (i) the product category or categories that a merchant has declined to accept; and (ii) any payment facilitator, processor, or third-party agent the merchant used to facilitate non-acceptance. The report shall be in a standard format supplied by Visa to the acquirer. For the avoidance of doubt, nothing in this Paragraph shall prevent Visa from requiring acquirers to provide other information to confirm non-acceptance practices are in compliance with Visa’s Rules.

26\. Visual Product Identification. Within 90 days after the Settlement Approval Date, the Visa Defendants shall adopt or maintain requirements that issuers in the United States place visual identifiers on newly issued Commercial Credit Cards and Premium Consumer Credit Cards, and either as a product identification or as part of a product name: (i) the words “Business,” “Corporate,” or “Commercial” for Commercial Credit Cards; and (ii) the words “Infinite” or “Signature” for Premium Consumer Credit Cards. In addition:

(a) the category identifier must be in clear and conspicuous letters on either side of the card (either appearing alone or before or after other words in a product name); and

(b) Visa Defendants will require issuers to comply with the category identification requirements with respect to all Visa Credit Cards issued 90 days or more after the Settlement Approval Date.
For the avoidance of doubt, a permissible category identifier that appears on a Visa-Branded Commercial Credit Card or Visa-Branded Premium Consumer Credit Card in the manner set forth in the applicable Visa Product Brand Standards (as of November 10, 2025) will satisfy the “clear and conspicuous” requirement of this Paragraph.

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<chunk>
{{ref:2DWXLw1cFjI:153}}
ticker: V
publication_date: 2025-11-06
section: Financial Statements and Supplementary Data
doc_type: 10-K
period: FY 2025
text: U.S. Department of Justice

On March 13, 2012, the Antitrust Division of the U.S. Department of Justice (Division) issued a Civil Investigative Demand (CID), to Visa Inc. seeking documents and information regarding a potential violation of Section 1 or 2 of the Sherman Act, 15 U.S.C. §§ 1, 2. The CID focused on PIN-authenticated Visa Debit and Visa’s competitive responses to the Dodd-Frank Act, including Visa’s fixed acquirer network fee. Visa has cooperated with the Division in connection with the CID.

On March 26, 2021, June 11, 2021, January 4, 2023 and May 2, 2023, the Division issued CIDs to Visa, seeking documents and information regarding a potential violation of Section 1 or 2 of the Sherman Act, 15 U.S.C. §§ 1, 2. The CIDs focused on U.S. debit and competition with other payment methods and networks.

On September 24, 2024, the U.S. Department of Justice filed a complaint in the U.S. District Court for the Southern District of New York against Visa alleging violations of the Sherman Act. The complaint alleges Visa has monopolized and attempted to monopolize general purpose debit network services and card-not-present debit network services in the United States through agreements with merchants, acquirers, and others and that certain agreements unreasonably restrain competition or trade in those markets. The complaint seeks, among other relief, to enjoin Visa from engaging in the alleged anticompetitive practices. On June 23, 2025, the court denied a motion to dismiss filed by Visa.

104

U.S. Debit Class Actions

Beginning on October 1, 2024, several putative class actions were filed against the Company in the U.S. District Court for the Southern District of New York or were filed in other courts and subsequently transferred to that court. The complaints in those actions, brought on behalf of merchants or cardholders, alleged that Visa has monopolized and attempted to monopolize general purpose debit network services and card-not-present debit network services in the United States through agreements with merchants, acquirers, and others and that certain agreements unreasonably restrain competition or trade in those markets. All of the complaints alleged violations of the Sherman Act and sought damages, among other relief and some of the complaints asserted violations of one or more state laws and sought injunctive relief.

On December 16, 2024, an amended consolidated complaint was filed on behalf of all persons, businesses, and other entities in the United States and its territories that have incurred Visa fees for debit routing services from January 1, 2012. A subsequently filed putative class action was consolidated into this complaint. On December 27, 2024, an amended consolidated complaint was filed on behalf of any cardholder in the United States who purchased goods or services with a general purpose Visa-branded debit card from January 1, 2012, and indirectly paid Visa network fees.

On February 24, 2025, Visa filed motions to dismiss the consolidated complaints by merchants and cardholders, which were granted in part and denied in part on October 29, 2025. Separately, on March 28, 2025, Visa filed a motion in the U.S. District Court for the Eastern District of New York to compel dismissal of certain claims asserted by certain putative class representatives which the court denied on August 20, 2025. Visa has appealed that decision to the U.S. Court of Appeals for the Second Circuit.
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<chunk>
{{ref:2DWXLw1cFjI:154}}
ticker: V
publication_date: 2025-11-06
section: Financial Statements and Supplementary Data
doc_type: 10-K
period: FY 2025
text: U.S. Securities Class Action

On November 20, 2024, a shareholder filed a putative securities class action in the U.S. District Court for the Northern District of California asserting claims against Visa Inc., and certain current and former officers. Following appointment as lead representative plaintiff, on July 15, 2025, the plaintiff filed an amended complaint asserting claims on behalf of all persons or entities who purchased or otherwise acquired publicly traded Visa securities between March 2, 2023, and September 23, 2024. The amended complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 by failing to disclose the alleged practices that are the subject of the lawsuit filed by the U.S. Department of Justice on September 24, 2024 (see U.S. Department of Justice matter). The plaintiff seeks a ruling that this case may proceed as a class action, and seeks damages, attorneys’ fees, and costs. Visa filed motions to strike and dismiss the amended complaint on September 12, 2025.

Derivative Cases

Between January 31, 2025, and March 27, 2025, three shareholder derivative actions were filed in the U.S. District Court for the Northern District of California. These actions are purportedly brought by shareholders on behalf of Visa Inc. and against certain current and former directors and officers. Collectively, the actions assert claims for breach of fiduciary duty and violations of Sections 10(b) and 14(a) of the Securities Exchange Act of 1934 for failing to disclose that Visa was in violation of U.S. federal antitrust laws, as alleged in the lawsuit filed by the U.S. Department of Justice on September 24, 2024 (see U.S. Department of Justice matter), as well as claims under Sections 20(a) and 21D of the Exchange Act, and for unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, insider trading, and aiding and abetting. Plaintiffs seek monetary damages, corporate governance changes, and other equitable relief on behalf of Visa Inc., in addition to attorneys’ fees and costs. On July 23, 2025, the court entered an order approving the parties’ stipulation to stay the case pending resolution of the motion to dismiss filed in the U.S. Securities Class Action matter.

Debit Surcharge Class Action

On December 4, 2024, a putative class action was filed in the U.S. District Court for the Northern District of California against Visa Inc. on behalf of a nationwide class of all persons in the United States who paid a surcharge when completing a purchase with a Visa debit card in a transaction with a merchant located in the United States since 2010. The complaint claims that Visa has failed to enforce its rules prohibiting merchants from surcharging those transactions, and that plaintiff and putative class members have been harmed as a result. On May 28, 2025, the district court granted a motion to dismiss by Visa, and plaintiff subsequently filed an amended complaint

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asserting unjust enrichment and unfair competition claims, and seeking monetary damages, declarative and injunctive relief. On July 23, 2025, Visa filed a motion to dismiss the amended complaint.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:153}}
ticker: V
publication_date: 2025-11-06
section: Financial Statements and Supplementary Data
doc_type: 10-K
period: FY 2025
text: U.S. Department of Justice

On March 13, 2012, the Antitrust Division of the U.S. Department of Justice (Division) issued a Civil Investigative Demand (CID), to Visa Inc. seeking documents and information regarding a potential violation of Section 1 or 2 of the Sherman Act, 15 U.S.C. §§ 1, 2. The CID focused on PIN-authenticated Visa Debit and Visa’s competitive responses to the Dodd-Frank Act, including Visa’s fixed acquirer network fee. Visa has cooperated with the Division in connection with the CID.

On March 26, 2021, June 11, 2021, January 4, 2023 and May 2, 2023, the Division issued CIDs to Visa, seeking documents and information regarding a potential violation of Section 1 or 2 of the Sherman Act, 15 U.S.C. §§ 1, 2. The CIDs focused on U.S. debit and competition with other payment methods and networks.

On September 24, 2024, the U.S. Department of Justice filed a complaint in the U.S. District Court for the Southern District of New York against Visa alleging violations of the Sherman Act. The complaint alleges Visa has monopolized and attempted to monopolize general purpose debit network services and card-not-present debit network services in the United States through agreements with merchants, acquirers, and others and that certain agreements unreasonably restrain competition or trade in those markets. The complaint seeks, among other relief, to enjoin Visa from engaging in the alleged anticompetitive practices. On June 23, 2025, the court denied a motion to dismiss filed by Visa.

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U.S. Debit Class Actions

Beginning on October 1, 2024, several putative class actions were filed against the Company in the U.S. District Court for the Southern District of New York or were filed in other courts and subsequently transferred to that court. The complaints in those actions, brought on behalf of merchants or cardholders, alleged that Visa has monopolized and attempted to monopolize general purpose debit network services and card-not-present debit network services in the United States through agreements with merchants, acquirers, and others and that certain agreements unreasonably restrain competition or trade in those markets. All of the complaints alleged violations of the Sherman Act and sought damages, among other relief and some of the complaints asserted violations of one or more state laws and sought injunctive relief.

On December 16, 2024, an amended consolidated complaint was filed on behalf of all persons, businesses, and other entities in the United States and its territories that have incurred Visa fees for debit routing services from January 1, 2012. A subsequently filed putative class action was consolidated into this complaint. On December 27, 2024, an amended consolidated complaint was filed on behalf of any cardholder in the United States who purchased goods or services with a general purpose Visa-branded debit card from January 1, 2012, and indirectly paid Visa network fees.

On February 24, 2025, Visa filed motions to dismiss the consolidated complaints by merchants and cardholders, which were granted in part and denied in part on October 29, 2025. Separately, on March 28, 2025, Visa filed a motion in the U.S. District Court for the Eastern District of New York to compel dismissal of certain claims asserted by certain putative class representatives which the court denied on August 20, 2025. Visa has appealed that decision to the U.S. Court of Appeals for the Second Circuit.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:43}}
ticker: V
publication_date: 2025-11-06
section: Risk Factors
doc_type: 10-K
period: FY 2025
text: We may be adversely affected by the outcome of litigation or investigations.

We are subject to numerous litigation matters, investigations, claims, examinations, information gathering requests, subpoenas, government and regulatory proceedings asserted by civil litigants, governments and enforcement bodies investigating or alleging, among other things, violations of competition and antitrust law, consumer protection law, privacy law and intellectual property law (these are referred to as “actions” in this section). Details of the most significant actions we face are described more fully in Note 20—Legal Matters to our consolidated financial statements included in Item 8 of this report. These actions are inherently uncertain, expensive and disruptive to our operations. In the event we are found liable or reach a settlement in any action, particularly in a large class action lawsuit, such as one involving an antitrust claim entitling the plaintiff to treble damages in the U.S., or we incur liability arising from a government investigation, we may be required to pay significant awards or judgments, settlements, costs or fines. In addition, settlement terms, judgments, orders, pressures or events in or resulting from actions have impacted and may continue to impact our business by creating uncertainty for our business or by influencing or requiring us to modify, among other things, the default interchange reimbursement rates we set, the Visa operating rules or the way in which we enforce those rules, our fees or pricing, or the way we do business. These actions or their outcomes may also influence regulators, investigators, governments or civil litigants in the same or other jurisdictions, which may lead to additional actions against Visa. Finally, we are required

26

by some of our commercial agreements to indemnify other entities for litigation brought against them, even if Visa is not a defendant. For certain actions like those that are U.S. covered litigation or VE territory covered litigation, as described in Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 20—Legal Matters to our consolidated financial statements included in Item 8 of this report, we have certain financial protections pursuant to the respective retrospective responsibility plans. The two retrospective responsibility plans are different in the protections they provide and the mechanisms by which we are protected. The failure of one or both of the retrospective responsibility plans to adequately insulate us from the impact of such settlements, judgments, losses or liabilities could materially harm our financial condition or cash flows, or even cause us to become insolvent.

Business Risks
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<chunk>
{{ref:2DWXLw1cFjI:34}}
ticker: V
publication_date: 2025-11-06
section: Risk Factors
doc_type: 10-K
period: FY 2025
text: •Regulations adopted by the U.S. Federal Reserve cap the maximum U.S. debit interchange reimbursement rate received by large financial institutions at 21 cents plus 5 basis points per transaction, plus a possible fraud adjustment of 1 cent. Additionally, the Dodd-Frank Act limits issuers’ and payment networks’ ability to adopt network exclusivity and preferred routing in the debit and prepaid area, which also impacts our business. In response to seller requests, the Federal Reserve has recently taken actions to revisit its regulations that implement these aspects of the Dodd-Frank Act. For example, in October 2022, the Federal Reserve published a final rule effectively requiring issuers to ensure that at least two unaffiliated networks are available for routing ecommerce debit transactions by July 1, 2023. In October 2023, the Federal Reserve issued a proposal for comment that further lowers debit interchange rates, with a mechanism for automatic adjustment every two years. Finally, in August 2025, the District Court for the District of North Dakota ruled that the Federal Reserve exceeded its authority in implementing Regulation II, which sets debit card interchange fees. The court found the Federal Reserve improperly included various costs beyond what the Durbin Amendment allows, such as fraud losses, network fees and other fixed costs, when setting the debit interchange fee standard. As a result, the court vacated Regulation II’s debit interchange fee

21

standard. Subsequently, however, the District Court in Kentucky ruled that the Federal Reserve acted within its discretion in setting the debit interchange cap. If the District Court of North Dakota’s decision is affirmed on appeal and ultimately prevails, it could potentially result in the Federal Reserve setting a significantly lower interchange cap for relevant debit transactions in the U.S. Separately, there continues to be interest in regulation of credit interchange fees and routing practices by members of Congress and state legislators. It is possible that the Credit Card Competition Act may be reintroduced in Congress or attempted to be offered as an amendment to unrelated legislation. Previous versions of the legislation were introduced in 2022 and 2023, and required among other things, that large issuing banks offer a choice of at least two unaffiliated networks over which electronic credit transactions may be processed. Finally, some states have passed or are considering passing laws that regulate how interchange can be set and assessed. For example, in May 2024, Illinois passed a law that restricts the assessment of interchange on the state tax and gratuity portions of a transaction, and restricts financial institutions and payment networks, among others, from using payment transaction data for any purpose other than facilitating or processing a transaction. While the Illinois law remains subject to legal challenge, if such laws are allowed to go into effect, they may also impose significant technical and compliance burdens on our business.

•In Europe, the EU’s IFR places an effective cap on consumer credit and consumer debit interchange fees for both domestic and cross-border transactions within the European Economic Area of 30 basis points and 20 basis points, respectively. EU member states have the ability to further reduce these interchange levels within their territories. The European Commission has announced its intention to conduct another impact assessment of the IFR, which could result in even lower caps on interchange rates and the expansion of regulation to other types of products, services and fees.
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<chunk>
{{ref:2DWXLw1cFjI:28}}
ticker: V
publication_date: 2025-11-06
section: Business
doc_type: 10-K
period: FY 2025
text: GOVERNMENT REGULATION

As a global payments technology company, we are subject to complex and evolving global regulations in the various jurisdictions in which our products and services are used. The most significant government regulations that impact our business are discussed below. For further discussion of how global regulations may impact our business, see Item 1A—Regulatory Risks.

Anti-Corruption, Anti-Money Laundering, Anti-Terrorism and Sanctions: We are subject to anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act (FCPA), the UK Bribery Act and other laws that generally prohibit the making or offering of improper payments to foreign government officials and political

18

figures for the purpose of obtaining or retaining business or to gain an unfair business advantage. We are also subject to anti-money laundering and anti-terrorist financing laws and regulations, including the U.S. Bank Secrecy Act. In addition, we are subject to economic and trade sanctions programs administered by the Office of Foreign Assets Control (OFAC) in the U.S. Therefore, we do not permit financial institutions or other entities that are domiciled in countries or territories subject to comprehensive OFAC trade sanctions (currently, Cuba, Iran, North Korea, Crimea and the Donetsk People’s Republic and Luhansk People’s Republic regions of Ukraine), or that are included on OFAC’s list of Specially Designated Nationals and Blocked Persons, to issue or acquire Visa cards or engage in transactions using our products and services.

Government-imposed Market Participation Restrictions: Certain governments, including China, India, Indonesia, Thailand, Vietnam, and South Africa, have taken actions to promote domestic payments systems and/or certain issuers, payments networks or processors, by imposing regulations that favor domestic providers, impose local ownership requirements on processors, require data localization or mandate that domestic processing be done in that country.

Interchange Rates and Fees: An increasing number of jurisdictions around the world regulate or influence debit and credit interchange reimbursement rates in their regions. For example, the U.S. Dodd-Frank Wall Street Reform and Consumer Act (Dodd-Frank Act) limits interchange reimbursement rates for certain debit card transactions in the U.S.; the European Union (EU) Interchange Fee Regulation (IFR) limits interchange rates in the European Economic Area (EEA) (as discussed below); and the Reserve Bank of Australia (RBA) regulates average permissible levels of interchange.

Internet Transactions: Many jurisdictions have adopted regulations that require payments system participants to monitor, identify, filter, restrict or take other actions with regard to certain types of payment transactions on the Internet, such as gambling, digital currencies, the purchase of cigarettes or alcohol and other controversial transaction types.

Network Exclusivity and Routing: In the U.S., the Dodd-Frank Act limits network exclusivity and restrictions on seller routing choice for the debit and prepaid market segments. Other jurisdictions impose similar limitations, such as the IFR’s prohibition in Europe on restrictions that prevent multiple payment brands or functionality on the same card.

No-surcharge Rules: We have historically enforced rules that prohibit sellers from charging higher prices to consumers who pay using Visa products instead of other means. However, sellers’ ability to surcharge varies by geographic market as well as Visa product type, and continues to be impacted by litigation, regulation and legislation.
</chunk>

<chunk>
{{ref:2DWXLw1cFjI:48}}
ticker: V
publication_date: 2025-11-06
section: Risk Factors
doc_type: 10-K
period: FY 2025
text: We rely in part on sellers and their relationships with our clients or their agents to maintain and expand the use and acceptance of Visa products. Certain sellers and seller-affiliated groups have been exerting their influence in the global payments system in certain jurisdictions, such as the U.S., Australia, Canada and Europe, to attempt to lower acceptance costs paid by sellers to acquirers or their agents to accept payment products or services, by lobbying for new legislation, seeking regulatory intervention, filing lawsuits and in some cases, surcharging or refusing to accept Visa products. If they are successful in their efforts, we may face increased compliance and litigation expenses, issuers may decrease their issuance of our products, and consumer usage of our products could be adversely impacted. For example, in the U.S., certain stakeholders have raised concerns regarding how payment security standards and rules may impact debit routing choice and the cost of payment card acceptance. U.S. seller-affiliated groups and processors have expressed concerns regarding the EMV certification process and the roles of industry bodies such as EMVCo and the Payment Card Industry Security Standards Council in the development of payment card standards. Moreover, many sellers have advocated for lower acceptance costs in the form of reduced interchange rates, which could result in some issuers eliminating or reducing their promotion or use of Visa’s products and services, eliminating or reducing cardholder benefits such as rewards programs, or charging account holders increased or new fees for using Visa-branded products, all of which could negatively impact Visa’s payments volume and related revenue. Finally, some sellers and processors have advocated for changes to industry practices and Visa acceptance requirements at the point of sale, including the ability for sellers to accept only certain types of Visa products, to mandate only PIN authenticated transactions, to differentiate or steer among Visa product types issued by different financial institutions, and to impose surcharges on consumers presenting Visa products as their form of payment. A number of the issues flagged in this risk factor are subject to pending litigation. For more information, please see Note 20—Legal Matters to our consolidated financial statements included in Item 8 of this report. If successful, these efforts could adversely impact consumers’ usage of our products and decrease our overall payments volume and net revenue, lead to regulatory enforcement and/or litigation that increases our compliance and litigation expenses, and ultimately harm our business.

We depend on relationships with financial institutions, acquirers, processors, sellers, payment facilitators, ecommerce platforms, fintechs and other third parties.
</chunk>

Todo write

Input

Verify Visa ticker (V) and read relevant skills (infographics, market-data)
Gather business model overview and key value drivers from recent 10-K and earnings calls
Search for industry trends, competitive positioning, and market share data
Search for recent developments, strategic initiatives, and M&A activity (last 12 months)
Identify growth catalysts and potential risks from management commentary and filings
Get financial data for debt analysis and financial health metrics (last 8 quarters)
Get market data (stock price, valuation ratios) and analyst estimates
Create visualizations (revenue trends, margin evolution, competitive positioning)
Compile comprehensive primer document with all findings and charts

Output

Plan updated.

Read latest earnings call transcript Q4 2025

Input

{
  "document_id": "2mxo4hGvTUY",
  "description": "Read latest earnings call transcript Q4 2025"
}

Output

<chunk>
Citation: [{{ref:2mxo4hGvTUY:0}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 2**:

Welcome to Visa's fiscal fourth quarter and full year 2025 earnings conference call. All participants are in a listen-only mode until the question and answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.

**Speaker 3**:

Thank you. Good afternoon, everyone, and welcome to Visa's fiscal fourth quarter and full year 2025 earnings call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer, and Chris Suh, Visa's Chief Financial Officer. This call is being webcast on the Investor Relations section of our website at investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website. Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as a result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website.

Our comments today regarding our financial results will reflect revenue on a GAAP basis and all other results on a non-GAAP nominal basis unless otherwise noted. The related GAAP measures and reconciliation are available in today's earnings release and related materials available on our IR website. With that, let me turn the call over to Ryan.
</text>
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<chunk>
Citation: [{{ref:2mxo4hGvTUY:1}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Thanks, Jennifer. We finished fiscal full year 2025 with strong financial performance, an ever-growing obsession for our clients, and a sharp focus on innovation as we build the future of payments. Fiscal fourth quarter net revenue grew 12% year over year to $10.7 billion, and EPS was up 10%, resulting in full-year net revenue and EPS year over year growth of 11% and 14%, respectively. Total full-year payments volume was $14 trillion, up 8% year over year in constant dollars, and processed transactions totaled $258 billion, up 10% year over year. Our financial performance and growth demonstrate how Visa has become a hyperscaler, enabling anyone that wants to be in the money movement or payments business to build on top of the Visa-as-a-Service stack. You may recall the layers of the stack: the foundation layer, the services layer, the solutions layer, and the access layer.

Throughout 2025, and most recently in Q4, we have intensified our investment in innovation. Today, I want to highlight Visa's progress with our clients and the ecosystem at large across the Visa-as-a-Service stack, starting with the foundation layer. At the foundation of the stack is our global connectivity, our network, and our network of networks that enable global commerce and money movement. In full year 2025, we expanded our network of networks in three important ways. First, more connection points. Visa's network of networks now has approximately 12 billion endpoints. That's about 4 billion cards, bank accounts, and digital wallets each. Second, more settlement currencies. We are adding support for four stablecoins running on four unique blockchains, representing two currencies that we can accept and convert to over 25 traditional fiat currencies.

Third, we have begun deployment of the next generation of VisaNet, the core processing platform in our Visa-as-a-Service stack. It offers a cloud-ready, microservices-distributed, modular architecture that uses open languages and technologies, enabling easier scaling, configuration, and faster feature deployment. Over half of the new codebase was built with the assistance of generative AI, improving development speed, security, and maintainability. We have specific modules in market today with plans to roll out additional modules and markets. The next level of the Visa-as-a-Service stack is our services layer, which encompasses the building blocks of our core capabilities, including credentials, tokens, authentication, risk management, fraud detection, and more, which we've turned into discrete, modular components. We grew the number of Visa credentials by 270 million this year, and we continued to sign many deals this past quarter to drive further growth. I'll share a few regional highlights.

We are pleased to have renewed our nearly 60-year relationship with Barclays in the U.K. and the U.S., across their millions of customers in consumer and commercial issuing and acquiring, and enabling increased focus on value-added services utilization. In the U.S., Visa continues to be the exclusive payment network for the Southwest Airlines co-brand program, and we will soon be expanding our relationship into a co-brand debit offering, providing customers a new way to earn Rapid Rewards points on everyday purchases. In Latin America, we won the new Scotiabank Wealth Management credit card issuance with our Visa Infinite product across seven countries. In mainland China, one of our largest clients, China Merchants Bank, has renewed their longstanding relationship with us as we continue to upgrade China's magstripe dual-branded cards to contactless EMV chip cards.
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<chunk>
Citation: [{{ref:2mxo4hGvTUY:2}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Moving to tokens, we now have over 16 billion Visa tokens, up from 10 billion just in May of 2024. We continue to increase the amount of Visa tokens globally in pursuit of our ultimate goal of 100% of e-commerce transactions tokenized. We continue to enhance our risk management capabilities, including Visa Scam Disruption, which proactively detects scam activity at the network level that no single issuer, acquirer, or merchant could see alone, and leverages AI, enhanced merchant monitoring, external intelligence feeds, and our global expertise. Just a year since launch, we have worked closely with our clients and law enforcement to dismantle more than 25,000 scam merchants representing more than $1 billion in fraud attempts. Our stablecoin platform is another key component of our services layer.

Since 2020, we've facilitated over $140 billion in crypto and stablecoin flows, including Visa users purchasing more than $100 billion of crypto and stablecoin assets using their Visa credentials and spending more than $35 billion in crypto and stablecoin assets using Visa credentials. Within this, we see particular momentum with stablecoins. We now have more than 130 stablecoin-linked card issuing programs in over 40 countries, and in Q4, stablecoin-linked Visa card spend quadrupled versus a year ago. We expanded the number of stablecoins and blockchains available for settlement, and monthly volume has now passed a $2.5 billion annualized run rate. We are starting to enable banks to mint and burn their own stablecoins with the Visa tokenized asset platform, and we are adding stablecoin capabilities to enhance cross-border money movement with Visa Direct.

In September 2025, we announced a stablecoin pre-funding Visa Direct pilot targeting banks, remitters, and financial institutions seeking faster, more flexible ways to manage liquidity. There is much more to come in this space. The next level of the Visa-as-a-Service stack is our solutions layer, our comprehensive portfolio of solutions where we have taken the componentized capabilities from the services layer and invested in and enhanced them to create new features and capabilities we deliver to a broader array of customers and partners. If we look across our growth levers in this layer, I would note progress in a number of areas. In consumer payments, Visa Intelligent Commerce integrates Visa's token technology with authentication and predictive analytics, empowering partners to deploy secure, personalized digital commerce experiences.

I'm pleased to announce that we are now powering live agentic transactions and recently released a merchant agent toolkit to make it easy for developers to embed our solutions into workflows and agentic processes. Just two weeks ago, we announced the Visa Trusted Agent Protocol, a framework that enables safer agent-driven checkout by helping merchants verify agents and avoid malicious bots. Since it's built on existing messaging standards, minimal integration is required for merchants. Next, our Visa Flex credential continues to gain momentum, enabling consumers to access many underlying funding sources with a single credential powered by Visa token technology. For example, the Klarna card launched in 15 European markets, building on its success in the U.S., where it had over 1 million signups in less than three months, and they will expand to even more markets soon.
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<chunk>
Citation: [{{ref:2mxo4hGvTUY:3}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Our Visa Flex pipeline is strong, and we now have more than 20 signed clients in more than 20 countries across all regions, including our first Visa Flex announcement in LAC with Nico. Our Visa Accept solution enables even the smallest of sellers to accept card payments with just a Visa debit card and an NFC-capable smartphone. Our first live launch of Visa Accept was in Sri Lanka, which represents an opportunity to bring an estimated 7 million sellers onto the Visa network, most of which are informal sellers who primarily transact in cash today. This is just our first launch. We are targeting 25 countries across several regions where we expect to launch Visa Accept soon, with even more expansion to follow. Our Visa Pay solution connects any participating wallet to any Visa-accepting seller worldwide, local or international, in-store or online.

We are pleased to now be processing live Visa Pay transactions in four markets across AP and Samia, including our recently announced market launch in the Democratic Republic of Congo. In addition, we have a pipeline with more than 70 clients to expand across more markets in 2026 and beyond. Rounding out consumer payments is Tap to everything. 79% of all face-to-face transactions are taps, up 8 percentage points this year, with the U.S. at 66%. Our transit initiatives contributed to this expansion, and this year, we enabled more than 100 new transit systems to now total approximately 1,000 systems globally, delivering 19% year-over-year growth in transactions. In Europe, BBVA recently launched BBVA Pay, enabling tapping from an iOS device for all Visa cards within their banking app. They also have enabled customers to use AI to create their own personalized Visa cards, starting in Spain.

Tap-to-Phone, which provides an easy, low-cost method for micro sellers to begin accepting card payments or large sellers to add additional mobile terminals, has now passed 20 million transacting devices, more than doubling since last year, with strong growth across all regions. Tap to Add Card, launched a little over a year ago, has strong adoption as consumers and our partners see the value of a simplified, more secure customer experience where a simple card tap to a mobile device can add a Visa credential to a digital wallet. Since Q3, we have doubled the count of issuers participating globally to more than 600 across all regions, resulting in the service being live for more than 1.4 billion Visa credit and debit cards around the world. Shifting to CMS and starting with Visa commercial solutions, our full year 2025 commercial payments volume grew 7% in constant dollars to $1.8 trillion.

This was helped by targeting specific segments, including business owners and online travel agencies. In the premium card segment, we supported Chase with the launch of Chase Sapphire Reserve for Business on Visa Infinite, an expansion of the Sapphire Reserve product line. The Sapphire Reserve for Business card is designed to meet the needs of business owners by elevating their travel experience and offering premium benefits and value toward business services to help fuel their growth. In the U.S., we are excited to have partnered with Truist to launch the Truist Business Premium Visa Infinite card, a premium credit card designed for small businesses with meaningful annual spend. They are the first super regional to do so in this country. Our purpose-built travel solution offers virtual card credentials, automated reconciliation, and rich data.
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<chunk>
Citation: [{{ref:2mxo4hGvTUY:4}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

We recently won Trip.com's global virtual travel card issuing business, which will be issued through their fintech TripLink. In our traditional carded business, our global network-agnostic enhanced spend management capabilities have helped us to expand our partnership with BMO. We recently won new commercial issuance, and BMO will offer our Spend Clarity for Enterprise tool to their corporates in the U.S. and Canada. Our unique FX capabilities enabled us to win a de novo issuing relationship with ICICI Bank for India's first corporate Forex prepaid card, targeting both SMBs and large corporates to meet foreign exchange payment needs for business travel. In fact, in India, Visa SMB cards have doubled since 2020 and now total more than 10 million, helping us to grow total commercial cards to 340 million worldwide. Moving on to Visa Direct, which reached 12.6 billion transactions in full year 2025, up 27% year over year.

Our push-to-account and wallet funding capabilities continue to help us to expand cross-border payouts. We signed with KCB in East Africa, where they will use Visa Direct to account for eight corridors across their more than 30 million individual and business customers. Touch and Go e-Wallet, the largest wallet in Malaysia with more than 24 million users, will leverage Visa Direct to enable tourists to fund their wallets across eight corridors. Al Raji, a leading remitter with the largest branch network in the Kingdom of Saudi Arabia, expanded on its Visa Direct to card usage to now include Visa Direct to account. Our interoperability capabilities, unlocked through our Yellow Pepper acquisition, enabled us to renew with Yape and Plin, securing our position as the leader for interoperable transactions in Peru.

Now moving to value-added services, where we have seen our innovations across issuing, acceptance, risk, and advisory continue to power our growth. We have achieved our goal to expand Pismo's offerings to clients in more than five countries across four regions in 2025. In the fourth quarter, we signed our first Pismo deal for a stablecoin-linked card with Nosis Pay in Europe. In acceptance solutions, our token management service, or TMS, provides a single network and payment service provider-agnostic integration to simplify token adoption, access, and management for merchants and acquiring clients. This quarter, we signed with Booking.com for TMS and Account Updater across more than 65 markets, deepening our presence in the online travel platform space. Many of our risk and security solutions are also network-agnostic. Let me highlight a few points of progress.

Visa Advanced Authorization evaluates more than 400 unique attributes in a few milliseconds, and this quarter, Banco Diners in Ecuador deployed our network-agnostic solution to score both Visa and non-Visa transactions, the first bank in LAC to do so. Our award-winning product, Visa Protect for A2A, is delivering value with AI. Our pilot in Brazil scored nearly $500 billion of our bank partners' PIX volume over a six-month period and identified over $90 million of fraud which could have been prevented with a detection rate of more than 80%. We believe Visa Protect for A2A can play an important role in Brazil by providing real-time fraud monitoring on PIX, helping to reduce fraud for our bank partners and ensure a safer payment experience for buyers and sellers.
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<chunk>
Citation: [{{ref:2mxo4hGvTUY:5}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Our most recently acquired risk capabilities from Featurespace are being sought after by our clients with more than 100 closed client deals since January. Our advisory services continue to deliver revenue and deepen our client relationships across Visa. In consulting, we estimate that we helped clients realize over $6.5 billion of incremental revenue as a result of delivering almost 4,500 engagements during the year, including GenAI and stablecoin engagements. In marketing services, our flagship sponsorships include the FIFA World Cup 2026 in the U.S., Canada, and Mexico, as well as the Olympic and Paralympic Winter Games in Milano, Cortina. We are already seeing significant interest from our clients as they seek to offer unique cardholder experiences and build their brand in addition to helping drive issuance, acceptance, and engagement.

One Olympic and Paralympic-related marketing example was our first large-scale campaign created using generative AI tools for Intesa San Paolo, which showcased a ski race down the streets of Italy's seaside villages. We already have over 35 clients engaged with us for marketing services for the 2026 Olympic and Paralympic Games and more than 70 for the FIFA World Cup 2026, with more than 100 already in our pipeline. The fourth and final layer of the Visa-as-a-Service stack, on top of the foundation layer, the services layer, and the solutions layer, is the access layer, the client entry point to access Visa solutions. We take an open partnership approach and seek to provide value by enabling access to our Visa-as-a-Service stack through multiple integration methods, including custom integrations, programmatic access via APIs, and structured data exchange through our Model Context Protocol, or MCP server.

We remained the payments platform of choice in full year 2025 with more than 700 billion API calls across our more than 3,700 endpoints. We recently launched our MCP server, providing access for AI systems to interface with our Visa Intelligent Commerce APIs. Our open, flexible access layer enables anyone, whether a small business, a tech partner, or a global bank, to build on top of the Visa-as-a-Service stack and operate at scale instantly. In conclusion, you can see our intense focus on innovation is delivering results for Visa and our clients. The Visa-as-a-Service stack has positioned Visa to be a hyperscaler for the payments ecosystem. Our strong fiscal year 2025 performance is a result of our products resonating in the market and our commitment to our clients every day.

I want to thank our more than 34,000 employees around the world who will continue to obsess about our clients and work tirelessly in 2026 and beyond to deliver value through the Visa-as-a-Service stack to our clients and across our partner ecosystem. We live in remarkable times in payments as technologies are converging to reshape commerce. At Visa, with our clients, partners, sellers, and consumers, we are keeping our focus on innovation and product development, positioning Visa to lead this transformation. Now to Chris, where he will discuss our financial performance and outlook for 2026. Thanks, Ryan, and good afternoon, everyone. Building on the momentum we saw through the first three quarters, we had a very good Q4 to finish the year with continued strong and stable business drivers. In constant dollars, global payments volume was up 9% year over year, improving slightly from Q3.
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<chunk>
Citation: [{{ref:2mxo4hGvTUY:6}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Cross-border volume, excluding intra-Europe, was up 11%, and total processed transactions grew 10%, both relatively stable to Q3. Fiscal fourth quarter net revenue was up 12% year over year, better than expected, primarily due to value-added services revenue, commercial and money movement solutions revenue, and a benefit from FX. Fourth quarter net revenue was up 11% in constant dollars. EPS was up 10% year over year in both nominal and constant dollars, better than expected, primarily due to better than expected net revenue. Let's go into the details. Total international payments volume was up 10% year over year in constant dollars in Q4, generally consistent with Q3. Of note, we saw acceleration in Asia-Pacific of approximately 2.5 points on a constant dollar basis, driven by timing effects and a modest improvement in mainland China. U.S. payments volume was up 8%, slightly above Q3, with e-commerce growing faster than face-to-face spend.

Credit and debit were both up 8%, reflecting resilience in consumer spending. When we look at quarterly spend category data in the U.S., we saw broad-based strength, including improvements in retail services and goods, travel, and fuel. Both discretionary and non-discretionary spend were up from Q3. Growth across consumer spend bands remained relatively consistent with Q3, with the highest spend band continuing to grow the fastest. Now, to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions. Q4 total cross-border volume was up 11% year over year, relatively stable to last quarter, with e-commerce up 13% and travel improving sequentially to 10%. E-commerce remains strong, as it has for the last eight quarters now, and still represented about 40% of our total cross-border volume. Travel spend continued to grow above pre-COVID levels.

The slight step up from Q3 was led by a combination of factors, including increased commercial volumes, helped by our efforts in virtual card, and some improvement in Samia outbound due to holiday timing. With that as a backdrop, I'll move to discuss our financial results. Starting with the revenue components, service revenue grew 10% year over year versus the 8% growth in Q3 constant dollars payments volume, primarily due to card benefits and pricing. Data processing revenue grew 17% versus the 10% growth in processed transactions, primarily due to pricing and higher cross-border transaction mix. International transaction revenue was up 10%, below the 11% increase in constant dollar cross-border volume growth, excluding intra-Europe, primarily due to mix partially offset by exchange rates. Other revenue grew 21%, primarily driven by growth in advisory and other value-added services and pricing.

Client incentives grew 17%, in line with our expectations as we lapped one-time adjustments from Q4 of fiscal 2024. Now to our three growth engines. Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth. Commercial and money movement solutions revenue grew 14% year over year in constant dollars as we lapped the one-time adjustment we saw in Q4 FY2024. CMS revenue was better than expected, driven primarily by our commercial solutions business. Commercial payments volume grew 10% in constant dollars, three points above Q3 growth and faster than Visa's overall payments volume growth, primarily due to new portfolio wins and the lapping of certain portfolio losses, with strong client performance, especially in cross-border. Visa Direct transactions grew 23% to 3.4 billion transactions, with strength in both domestic and cross-border.
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</chunk>

<chunk>
Citation: [{{ref:2mxo4hGvTUY:7}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Value-added services revenue grew 25% in constant dollars to $3 billion, driven by issuing solutions, advisory and other services, and pricing. Value-added services revenue growth was better than expected, primarily due to issuing solutions, both in network products and card benefits. Operating expenses grew 13%, above our expectations due to larger than expected FX impact and higher than expected personnel expenses as a result of deferred compensation mark-to-market, which, as a reminder, is EPS neutral. Excluding those two factors, adjusted operating expense growth would have been as expected. Non-operating income was $29 million, higher than expected due to investment income from the deferred compensation mark-to-market benefit that offsets the expense I just mentioned and higher returns on our investments. Our tax rate for the quarter was 18.8%, in line with expectations. EPS was $2.98, up 10% year over year, with minimal impacts from exchange rates and acquisitions.

In Q4, we bought back approximately $4.9 billion in stock and distributed $1.1 billion in dividends to our shareholders. We also funded the litigation escrow account by $500 million, which has the same effect on EPS as a stock buyback. At the end of September, we had $24.9 billion remaining in our buyback authorization. With a strong finish to the fiscal year, our full year net revenue grew 11% to $40 billion, and EPS grew 14% to $11.47. Full year 2025 CMS revenue growth was 15%, and value-added services revenue growth was 23% on a constant dollar basis. In a year marked by a significant step up in uncertainty around the globe, we delivered strong results above our expectations. As we think about 2026, our guidance philosophy holds. We give you our best perspective based on current information. Let's get into the guidance details.

A quick note, when I reference 2025 and 2026, I am referring to our fiscal years. First, let's cover our underlying assumptions for net revenue growth. As we regularly say, we are not economic forecasters. We are assuming the macroeconomic environment stays generally where it is today, and consumer spending remains resilient. On key business drivers, we are assuming no material change from the Q4 2025 growth levels in 2026. On pricing for 2026, we expect the benefits of new pricing to be similar in magnitude and timing as in 2025, with the majority going into effect in the back half. When you combine that with the 2025 pricing timing, this implies a relatively uniform contribution each quarter, with Q1 seeing the largest contribution.

On incentives, we expect around 20% of our payments volume to be impacted by renewals this year, which implies incentive growth generally similar to 2025, with Q3 having the toughest comparable to 2025. On volatility, we expect volatility throughout the year to be generally consistent to where we exited Q4, which implies a drag for the first three quarters, with Q3 having the toughest comparable to 2025. We pull these assumptions together on an adjusted basis, defined as non-GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentation for more detail. In 2026, we expect full year adjusted net revenue growth to be in the low double digits. On a nominal basis, we expect an approximately half point benefit from FX, which implies nominal net revenue growth that is generally consistent with fiscal 2025, which was 11%.
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</chunk>

<chunk>
Citation: [{{ref:2mxo4hGvTUY:8}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

We have an exciting year with the Olympic and Paralympic Games in Q2 and the FIFA World Cup in Q3 and Q4. I'll speak to expense in a moment, but as far as net revenue impacts, we expect the benefit from value-added services to be spread throughout the year as our clients will utilize our solutions in the build-up to and during the events. In terms of quarterly variability of net revenue, two items I would call out. First, we expect Q1 to have the highest year-over-year net revenue growth rate, primarily due to the timing impact of our FY25 pricing actions. Second, we expect Q3 to have the lowest year-over-year net revenue growth rate, primarily due to the lapping impacts of strong volatility and lower than expected incentives in Q3 of 2025.

Now moving to expenses, we expect to continue our significant investments in our Visa-as-a-Service stack across consumer payments, commercial and money movement solutions, and value-added services in FY26. Let me share a few examples. Within consumer payments, we will enhance our cross-border and affluent offerings, scale recently launched products, and expand our stablecoin capabilities, in addition to utilizing our marketing dollars for both the Olympics and FIFA to amplify the Visa brand. Within CMS, we'll focus our investments in specific commercial vertical opportunities and build out new Visa Direct product capabilities focused on cross-border money movement. Within VAS, we'll invest in our product development as well as our sales engineering teams to deepen customer engagement and shorten deal cycles. In addition, we're also investing in our AI efforts.

In fact, every leader at the company has AI targets to drive efficiencies that we intend to invest back in the business to further our differentiation, competitive advantage, and drive long-term growth. We currently expect to grow adjusted operating expense in the low double digits, consistent with our net revenue growth. As we think about the cadence of spend, we expect Q2 and Q3 to have the largest year-over-year growth rates as a result of marketing expense related to the Olympic and Paralympic Games and FIFA World Cup. Now moving to non-operating income. The non-operating income we've had for the past three years has been a function of cash balances, interest rates, and one-time items. In 2026, based on current interest rate forward curves, we now expect non-operating expense of $125 million to $175 million. Now to our non-GAAP tax rate.

You may recall that we've historically estimated our long-term tax rate to be between 19% and 20%, and this remains unchanged. In both fiscal 2024 and 2025, our actual tax rate was below 18%, helped primarily by our geographic mix of earnings and certain one-time benefits, such as the resolution of tax matters and positions taken on certain taxes. In 2026, we still expect to be below our long-term tax rate. When we incorporate our current tax planning strategies, we expect the tax rate to be between 18.5% and 19%, up from 2024 and 2025, primarily due to the absence of one-time benefits. On capital return, the board has declared an increase to our quarterly dividend by 14%, and we intend to return excess free cash flow to shareholders through buybacks. All of this results in our adjusted EPS growth to be in the low double digits. Moving to Q1.
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</chunk>

<chunk>
Citation: [{{ref:2mxo4hGvTUY:9}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Through October 21, with volume growth in constant dollars, U.S. payments volume was up 7%, with credit and debit both up 7%. Processed transactions grew 9% year over year. For constant dollar cross-border volume, excluding transactions within Europe, total volume grew 12% year over year, with e-commerce up 14% and travel up 11%. Now on to our financial expectations. We expect Q1 adjusted net revenue growth in the high end of low double digits. We expect adjusted operating expense growth in the low double digits. Non-operating expense is expected to be about $15 million, and our tax rate in the first quarter is expected to be around 18%. As a result, we expect adjusted first quarter EPS growth to be in the low teens.

When we look on a nominal basis for net revenue growth in Q1, we expect an approximately half point benefit from FX, and for our expense growth, we expect an approximately half point drag from FX and a one point impact from acquisitions, which taken together result in nominal net revenue and expense growth that are more matched at the high end of low double digits. As always, if the environment changes and there are events that impact our business, we will remain flexible and thoughtful on balancing short and long-term considerations. Visa's underlying business continues to be healthy, and the growth opportunities are significant, together giving us conviction as we make investment decisions to build the future of payments to drive compelling net revenue and EPS growth. Now, Jennifer, I'll hand it back to you.
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</chunk>

<chunk>
Citation: [{{ref:2mxo4hGvTUY:10}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 3**:

Thanks, Chris. With that, we're ready to take questions.

**Speaker 2**:

Thank you. If you would like to ask a question, please press star one and clearly record your name. You will be announced prior to asking your question. To ensure all questionnaires are heard, we ask that you please limit yourself to one question. Once again, to ask a question, please press star one. To withdraw your question, please press star two. Our first question comes from Sanjay Sakrani with KBW. Your line is open.

Thank you. I like the outlook. It's very strong. I guess when I think through some of the assumptions that are embedded in it, I know, Chris, you talked about assuming the macro is stable, but we've heard some of your competitors talk about choppiness in the economy, different spending habits, especially for consumers as they've been trading down on discretionary items. Have you guys seen anything like that, and how does that factor into your outlook? Thank you.

**Speaker 1**:

Thanks, Sanjay. Yeah, we have great momentum exiting FY25, and that's the underlying assumption as we go into 2026 for another strong year. Let me address some of the specific points you made about questions you had around, I guess, spend and the strength of the macroeconomy. If I just zoom out a little bit, really one of the real strengths of our business here at Visa is the diversification of our business. We have the broadest exposure to credit, to debit. Our volumes are comprised of everyday spend to special occasion spend, non-discretionary like fuel and groceries, and discretionary items like travel or holidays, goods, services, consumer, commercial. Really some of the broadest spend categories that you can imagine. We remain data-driven.

Across this broad and diverse set, the growth across our spend bands has remained quite consistent all year, and it was again in Q4, with higher spending cardholders driving more of the growth. That's consistent with what we see across the U.S. economy. That all gives us good reason when we reason over that data to say the consumer has remained resilient. That is what we saw in FY25, and that is our assumption going into FY26.

**Speaker 3**:

Next question, please.

**Speaker 2**:

Thank you. James Fawcett with Morgan Stanley. Please go ahead.

Great. Thank you very much. Really appreciate all the work that you guys are doing on new initiatives, et cetera. One that's quite topical, obviously, is all things agentic commerce. I know you've had some recent announcements on that topic. Can you help paint a picture for us, like the role that you expect Visa to play in agentic commerce transactions and ramp and kind of milestones we should expect to see in its development? Thanks.
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</chunk>

<chunk>
Citation: [{{ref:2mxo4hGvTUY:11}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Thanks. We see considerable opportunity in agentic commerce. Just to put it in context, when we had the first wave of digital commerce with e-commerce, we set the standards, we led the product development, and Visa was a significant beneficiary. Then you saw a second wave of commerce, which was mobile commerce. Visa was the leader in terms of standards, in terms of product innovation, in terms of the capabilities enabling that to happen. We've been a big beneficiary. You've seen that both in people buying things on their phones, but also using their phones to buy things, especially with Tap to Pay. Now in this third wave of agentic commerce, we've been leading in terms of our role of setting the standards.

I think one great example of that is Visa Intelligent Commerce, where we put out a set of capabilities for AI-ready cards, leveraging tokenization, AI-powered personalization, leveraging our data token service. We put out a set of standards with payment instructions that are going to allow customers like you and I to easily set spending limits and conditions to provide clear guidance for agent transactions. Also our payment signals, which are going to share those data payloads in real time with Visa, enabling us to help set transaction controls, manage disputes and chargebacks, and those types of things. I think that's a great example of the leadership role that we're taking in agentic commerce. Just two weeks ago, we announced the Visa Trusted Agent Protocol.

The Visa Trusted Agent Protocol is meant to really ensure that merchants know when an agent is coming to buy something on my behalf, it is actually a real agent that I have authorized to make purchases on my behalf. I think what differentiates the Visa Trusted Agent Protocol is two things. One is it's open. It's an open set of standards, and we think that an open framework is critical to drive mass adoption in the way that's needed for agentic commerce. The second is it's easy to integrate. We've built it on existing web infrastructure so that it's going to be easy for merchants to integrate into existing messaging standards and get up and running quickly. Those would be two examples. We're very excited about it. We think it's a significant opportunity for Visa and for everyone involved in the ecosystem.

**Speaker 3**:

Next question, please.

**Speaker 2**:

Thank you, Jason Kupferberg. Your line is open from Wells Fargo.

Hey, thanks, guys. I actually wanted to ask a follow-up on agentic; it used to be the topic of the day. I'm just curious to get your perspective on when do you think we start seeing material volumes across the industry from agentic commerce? Obviously, there's still some important security considerations to be addressed, and we'd also love your perspective on to what extent you see agentic as more of a substitute for traditional e-commerce versus being additive to the TAM of the overall payments industry. Thanks.
</text>
</chunk>

<chunk>
Citation: [{{ref:2mxo4hGvTUY:12}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Hi, Jason. Let me address the second part of your question first and then the first part. On the second part of your question, listen, I think the base case is it continues to accelerate the adoption of e-commerce and mobile commerce as we all know it. I think there's an upside case on that where you could actually see users buying from a much larger and more diverse set of merchants than they do today in traditional e-commerce, given the power of these agents and their ability to go out and search the world's inventory based on whatever it is that you prefer for your agent. That might be value, that might be price, that might be inventory, that might be speed of delivery, and so on and so forth.

I think that could ultimately result in consumers buying more things from more merchants, which ultimately means, you know, more transactions on Visa. I also think there's a significant upside in the delivery and the relevance of our portfolio of value-added services for the entire ecosystem, especially, as you said, they have to work through a number of things that involve potential fraud and disputes and chargebacks and things like that. Back to the first part of your question, listen, it's still early days. I think what you're likely to see in the evolution of agentic commerce is not different or dissimilar to what we saw in e-commerce. Early on, you're seeing consumers use these agents and these platforms for discovery. They're shopping. They're looking, you know, for what might be available for any given gift I'm trying to buy or any clothing item that I might try to buy.

Then I might jump to the actual merchant site to make the purchase. The next step of what you're starting to see is the integration of the buy capabilities into that shopping journey. We're just starting to see that in the marketplace today. We've been working on that for many, many months with the ecosystem. I think the ultimate kind of user experience and the promise of agentic commerce will be truly empowering agents to go out to search for things on our behalf and ultimately make purchases and buy things without human intervention. That we haven't really seen in the marketplace today, but we're working very hard with the platform players to ensure that the capabilities are in place to enable that. Thanks, Jason.

**Speaker 3**:

Next question, please.

**Speaker 2**:

Thank you, David. Koning with Baird. Please go ahead.

Yeah, hey guys, great job. The data processing yield was up a lot, and I know that was explained somewhat, but I'm wondering, is some of that due to VAS? The biggest part of VAS outside of others is probably in data processing. I guess the question is, is there a sustainability to big yield growth in DP given VAS just keeps building? I guess that's the question.

**Speaker 1**:

Hi, David. I'll take this one. Yes, as you pointed out, data processing revenue 17% versus the 10% underlying transaction growth. The factors I called out in my prepared comments were around pricing and mix. Those were the two biggest variables. As you know, we implemented new pricing in FY2025 in the second half of the year that's really benefiting in Q3 and Q4, and that'll benefit into Q1, as I talked about as well. In terms of mix, now, you know, what does mix mean? Mix does, you know, across our business, different products and services, different clients in different regions can have different varying yields. Obviously, you know, through the course of any quarter, we see different growth performance across any of those particular elements that'll drive different yield outcomes.

In this particular quarter, with data processing, we did see faster growth in higher yield in cross-border regions, and that's what contributed to the acceleration that you saw in between transactions and revenue in data processing.

**Speaker 3**:

Next question, please.
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</chunk>

<chunk>
Citation: [{{ref:2mxo4hGvTUY:13}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 2**:

Thank you. Darren Peller with Wolfe Research. Please go ahead.

Hey, thanks, guys. I just want to follow up one more time on AI and then a bigger question on the new VisaNet rollout. First, just to be clear on AI, do you see your suite of services as a big part of what's being offered by other payments ecosystem partners? How much are you going to participate in some of those VAS in terms of fraud versus others? I know we talked, Ryan, you talked about VisaNet rollout, the new rollout, and just help us understand what that could mean for product development or velocity and how it positions the network for things like agentic commerce or stablecoins going forward. Thanks, guys.

**Speaker 1**:

Hey guys. Hey, Darren. Short answer, long answer. Short answer is yes and yes, but let me dive into both of those. On, you know, on kind of agentic commerce, I think you've seen from us, really over the course of the year, is Visa doing what we do, which is when there's new technology, new platforms emerging, take a leadership role in establishing the way that payments can work most efficiently and most effectively for buyers and sellers, and we're doing that in the agentic commerce space today. I think to the first part of your first question, yes, you should assume that we're doing the work to build the infrastructure, the operating regulations and rules, the processes to enable a lot of the things that you're seeing in the marketplace today. As I said on the earlier question, I think it was Jason's, it's still very early days.

You're going to see a lot of announcements. You're going to see a lot of things coming out. What ultimately is going to help agentic commerce achieve its promise is collaboration, collaboration among all of these various ecosystem partners that make e-commerce and mobile commerce and all of these things work today, and you should expect us to take the leadership role that we're taking. On the next generation of VisaNet, this has been something we've been focused on as we continue to invest in our stack. We've deployed the next generation of VisaNet, which is our core processing platform at the base of our stack, and the answer to your second question is yes as well. It allows us to ship product more quickly. It allows us to adapt to ecosystem changes more quickly. It allows us to adapt to regional and country-specific requirements more quickly.

Here, too, it's early days. We've just begun the deployment of it, but it's a very exciting milestone for us, and ultimately, we think it'll be great for the ecosystem and our partners.

**Speaker 3**:

Next question, please.

**Speaker 2**:

Thank you. Reina Kumar with Oppenheimer. You may go ahead.

Hi, good evening. Thanks for taking my question. I noticed in Latin America there was a slight deceleration in volume versus last quarter. Anything to call out there? Thank you.

**Speaker 1**:

Sure. Yeah, in Latin America, we did see a bit of a slowdown. It still grew strong, but it was slower than we saw in Q3. The biggest single contributor I would point to is the moderating inflation that we've seen in Argentina. Overall, across Latin America, it remains a high-growth region, and we're very pleased with the performance.

**Speaker 3**:

Next question, please.

**Speaker 2**:

Thank you. Ken Szychowski with Anonymous Research. Your line is open.

Hey, good afternoon. Thanks for taking the question. Maybe just one more on agentic commerce. I was wondering if you could talk about some of the differences and similarities between Visa's Trusted Agent Protocol and Stripe's agentic commerce protocol. I mean, anything you could talk about in terms of what layer of the value chain you're tackling and how your offering is differentiated versus theirs. Maybe just talk about the broader tokenization opportunity and your leadership there with over 16 billion tokens and just how the agentic commerce ecosystem will leverage that. Thank you.
</text>
</chunk>

<chunk>
Citation: [{{ref:2mxo4hGvTUY:14}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Yeah, thanks, Ken. On the second part of your question, tokenization, I think, is the critical building block that ultimately will help agentic commerce reach its promise. If you go back, I know you asked about the Visa Trusted Agent Protocol, but if you go back to the Visa Intelligent Commerce set of products and standards that we put out, tokenization as a platform is what enables the bulk of that functionality and ultimately is what's going to enable us all to have safe, secure, trusted transactions with agents on our behalf. Tokenization is a critical building block of that.

As you noted, with kind of 16 billion Visa tokens embedded across the ecosystem, the technology and the standards are well-known, well-adopted globally in countries all around the world, both on the seller side of the ecosystem and the issuer side of the ecosystem, which is ultimately why it'll help scale our standards. As it relates to the Visa Trusted Agent Protocol, and I'll go back a moment to what I said to a couple of questions ago, ultimately, what's going to make this all work is collaboration. I think you're seeing a lot of different players across the ecosystem, whether it's Visa or other networks or acquirers or PSPs or platforms, start to put out their capabilities and standards. Here too, I think it's where the Visa Trusted Agent Protocol can form a base layer for everyone to build on and everyone to ultimately leverage.

The reason we're excited about the Visa Trusted Agent Protocol scaling is the two things I mentioned. One is it's an open standard, and two, it is designed to be inherently lightweight and easy for merchants especially to integrate to.

**Speaker 3**:

Next question.

**Speaker 2**:

Brian Keane with Citi, please go ahead.

Hi, good afternoon. Thanks for taking the questions. Just kind of a two-quick parter, just thinking about holiday sales growth rate this year versus last. There's some expectation that maybe holiday sales will be a little bit weaker in terms of growth rate. How is Visa thinking about that? Secondly, just cross-border growth versus e-com versus travel, any differentiation, kind of what we've seen on trend line as we go through this fiscal year? Thank you.

**Speaker 1**:

Okay. I'll take both of those. In terms of the upcoming holiday quarter, I've provided our guidance for Q1. It is for a strong Q1, carrying the momentum that we saw coming out of Q4 with strong and stable underlying drivers, as well as benefiting from the pricing from a year ago. When you add that all up, it makes for a resilient consumer, a stable macro environment, and the resiliency that I talked about across spend bands as well. We are anticipating a strong quarter going into the holiday, our fiscal Q1, the holiday quarter that we see. In terms of cross-border, your second question was really around sort of the mix. At the total level, we shared our numbers. It's been stable. It's been a good, strong number, 11% growth in Q3, 11% growth again in Q4.

As we click down into the categories of e-commerce and travel, e-commerce has been strong, continued to be strong and steady, 13% in Q3 and 13% in Q4. Travel did improve a point from Q3, as we talked about previously as well. The thing that I would call out, though, is that when you add that all up, total cross-border growth continues to be above the trend that we saw pre-COVID. Part of the reason for that is that the e-commerce part of the mix of the volume is bigger. It was about a third of the business pre-COVID. It's about 40% now and continues to grow at a faster clip than travel. Should that trend continue, we'll continue to see a bigger weight toward the e-commerce side of the business.

All in all, again, if you zoom out, strong and stable cross-border trends, and we'll continue to see how they perform through the rest of the year.

**Speaker 3**:

Next question, please.
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</chunk>

<chunk>
Citation: [{{ref:2mxo4hGvTUY:15}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 2**:

Harshita Rawat with Bernstein. Your line is open.

Hi, good afternoon. I want to ask about stablecoins. As the dust is settling a bit, post the passage of the Genius Act, it increasingly appears that what was initially thought of as a risk to Visa could, in fact, be an opportunity in cross-border money movement, merchant acceptance in certain markets, and services. Ryan, you talked about the momentum in stablecoin-linked cards. This quarter, Visa Direct kind of announced a new stablecoin pre-funding option. It's a number of things you're doing here. I guess my question is, what are the most tangible areas of opportunity as it relates to stablecoins in the coming years, maybe in cards, VAS, new flows, et cetera? Thank you.

**Speaker 1**:

Harsita, we've seen it as an opportunity for a while now. The short answer to your question is we see opportunities in issuance, in modernizing our settlement network. I think I talked about some of the opportunities we've captured with our Pismo platform. As you said, we're leveraging stablecoins in cross-border money movement. We announced the Visa Direct pre-funding work. We're minting and burning on behalf of our clients with the Visa Tokenized Asset Platform. We've been working with our clients in our consulting business with stablecoins. The list goes on and on. Just stepping back, as I've said, the areas where there's product-market fit for stablecoins in the world are the areas where there's significant TAMs and largely where we're underpenetrated. That's emerging markets, and that's cross-border money movement. We have a deep product pipeline focused on putting products to market against both of those areas of opportunity.

By the way, cross-border money movement broadly, whether that's remittances or B2B or gig economy payouts or the like. We definitely see it as an opportunity. We have targeted a significant portion of our product roadmap to capture that opportunity and hope to talk to you more about some products we're bringing to market in the future.

**Speaker 3**:

We're going to take a few more questions, so we are going to go a little over. I just want to try to get in a few more. Next question, please.

**Speaker 2**:

Andrew Schmidt with KeyBank Capital Markets, please go ahead.

Hi, Ryan. Hey, Chris. Thanks for taking the question and appreciate the Visa stack discussion. That was a good one. Maybe I could ask about the Asia PAC improvement. Chris, I know you mentioned timing and China improvement, but if we could peel back the layers there and maybe talk a little bit more about what's going on and whether that improvement is sustainable, that would be great. Thanks so much.

**Speaker 1**:

Yeah, thanks, Andrew. As I talked about in my prepared comments, we were pleased to see the improved results, 2.5 points, and the things that I noted, an improvement in mainland China and some smaller, but idiosyncratic sorts of things around timing. Those will normalize its way out. All in all, we're pleased with the momentum in China and across AP in general and think that that is going to continue to be an important growth opportunity for us. When we zoom out from all of that, I think AP is on a directionally good track.

**Speaker 3**:

Next question, please.
</text>
</chunk>

<chunk>
Citation: [{{ref:2mxo4hGvTUY:16}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 2**:

Kim Chiotto with UBS. Please go ahead.

Great, thank you. I want to talk a little bit about the evolution of the growth algorithm. Just looking at it numerically, it looks like the biggest change really is a few years ago, not too long ago, value-added services was about 20% of revenue growing in the high teens, and now it's approaching 30% of revenue and growing in the mid-20s. The growth contribution has stepped up at least 200 basis points, if not closer to 300 basis points. Part of that has been we've seen the RPO tick up over the years, and even this year, the RPO has been up roughly, give or take, 30%. I was hoping you could talk a little bit about that RPO, what's been driving that roughly 30% growth. I appreciate part of that is value and timed incentives, but maybe dig into that and other drivers of the RPO.

**Speaker 1**:

Yes, why don't I take the first part of the question, and then Chris, you can take the second part of the question. Tim, I think you summarized it very well. I think if you go back to Investor Day and you look at kind of the growth framework that we laid out and the strategies that we laid out, by the way, both for VAS and for CMS, and you jump forward to today, we're delivering in market those strategies, and we're delivering the results that I think we laid out in that framework that come with those strategies, and you summarized it pretty well on the VAS side of things. You want to talk about the RPO? Sure, sure. Tim, I think you know this, obviously, the RPO constitutes many things, but included in that is what you've asked about previously, which is value and kind.

This is an important lever for us. When we are able, it represents a form of incentive that clients can then use to drive value for themselves, and it's good for our client engagement and continues to drive value to Visa, sometimes in value-added services, but in other parts of the business. It doesn't drive sort of the majority of value-added services, but it is an important lever, and I think it's an area where we'll continue to see clients really take advantage of.

**Speaker 3**:

All right, I think we're ready for our last question.

**Speaker 2**:

Thank you. Tianchen Wang with J.P. Morgan. Please go ahead.

All right, let's close it out. I'll ask about investments in OpEx, if that's okay. Just thinking about growth in OpEx being in line with revenue, I'm curious if there's anything to share on that as such.

as being opportunistic with spending or perhaps it's a structural issue as you scale different layers in your service stack, and some of those are less mature. Just trying to better understand incremental margins and how that might be changing. Thanks.
</text>
</chunk>

<chunk>
Citation: [{{ref:2mxo4hGvTUY:17}}]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 3**:

Sure. As you know, as we've said in the past, you know explicitly, we don't manage our company to a margin target, at least not in the classical sense, but we do focus on many things. We focus on growing volumes with our clients. We focus on driving revenue across consumer payments, VAS, and CMS, and we also focus on running our business as efficiently and as effectively as we can. Part of that is balancing the investments that we make for short, medium, and long-term return. When we do this well, as we have, we continue to deliver the financial performance that you've seen, which is strong growth at margins that lead the industry. I would say, you know, in terms of where we're investing now, as we talk about 2026, I would point you back to actually our Investor Day back in February.

We laid out a pretty extensive view of the, A, the big opportunity that we're going after, the massive addressable opportunity, and two, the clear strategies, the things that we're going to go do to go capture that opportunity. Across our industry, as things continue to move as fast as they are, you've heard a lot of the conversation even today around agentic commerce and stablecoin. We think it's important that we continue to invest in these opportunities from our position. If we do so, we'll continue to deliver on the growth framework that we outlined at Investor Day, which means we'll deliver compelling profit growth and drive strong shareholder returns.

**Speaker 1**:

The only thing I would add on what Chris said is I don't ever recall being so excited about the opportunities ahead of this company. I don't ever recall being so pleased with how well our teams have lined up our product pipeline, our go-to-market sales motions, our client teams, the things that we talked about today, whether it's agentic, stablecoins, Visa Pay, Visa Accept, Tap to Everything, the great momentum in the VAS business, the great momentum in Visa Direct, the great momentum and results we're seeing in Visa Commercial. It's just an extraordinarily exciting time for the company. I'm just super proud of the investments that everybody's making across the place. I appreciate that question. Appreciate everybody's questions. Jennifer, back to you to close.

With that, we'd like to thank you for joining us today. If you have any additional questions, please feel free to call or email our Investor Relations team. Thanks again and have a great day.

**Speaker 2**:

Thank you all for participating in Visa's fiscal fourth quarter and full year 2025 earnings conference call. That concludes today's call. You may disconnect at this time, and please enjoy the rest of your day.
</text>
</chunk>

Get Visa analyst estimates for next 4 quarters

Input

{
  "ticker": "V",
  "metrics": [
    "Primary EPS Consensus Mean",
    "Revenue Consensus Mean",
    "EBITDA Consensus Mean",
    "Target Price Consensus Mean",
    "Consensus Recommendation (Text)"
  ],
  "period_type": "quarter",
  "relative_periods": [
    1,
    2,
    3,
    4
  ],
  "description": "Get Visa analyst estimates for next 4 quarters"
}

Output

{
  "ticker": "V",
  "currency": "USD",
  "data": {
    "Primary EPS Consensus Mean": {
      "Q1 2026": {
        "estimate": 3.13739
      },
      "Q2 2026": {
        "estimate": 3.06548
      },
      "Q3 2026": {
        "estimate": 3.17402
      },
      "Q4 2026": {
        "estimate": 3.41201
      }
    },
    "Revenue Consensus Mean": {
      "Q1 2026": {
        "estimate": 10685814360.0
      },
      "Q2 2026": {
        "estimate": 10721466560.0
      },
      "Q3 2026": {
        "estimate": 11143692210.0
      },
      "Q4 2026": {
        "estimate": 11897299770.0
      }
    },
    "EBITDA Consensus Mean": {
      "Q1 2026": {
        "estimate": 7707377440.0
      },
      "Q2 2026": {
        "estimate": 7565965710.0
      },
      "Q3 2026": {
        "estimate": 7749638930.0
      },
      "Q4 2026": {
        "estimate": 8304993000.0
      }
    },
    "Target Price Consensus Mean": {
      "Q1 2026": {
        "estimate": 395.85,
        "actual": 395.85
      },
      "Q2 2026": {
        "estimate": 395.85,
        "actual": 395.85
      },
      "Q3 2026": {
        "estimate": 395.85,
        "actual": 395.85
      },
      "Q4 2026": {
        "estimate": 395.85,
        "actual": 395.85
      }
    },
    "Consensus Recommendation (Text)": {}
  },
  "periods": [
    "Q1 2026",
    "Q2 2026",
    "Q3 2026",
    "Q4 2026"
  ]
}

Fetch Visa current stock price

Input

python /public/skills/market-data/scripts/fetch_quote.py --tickers V

Output

stdout:
Fetching quotes and aftermarket trades...

Tickers: 1

{
  "V": {
    "quote": {
      "name": "Visa Inc.",
      "price": 352.23,
      "changePercentage": -1.02563,
      "change": -3.65,
      "volume": 5034351,
      "dayLow": 349.5,
      "dayHigh": 356.35,
      "yearHigh": 375.51,
      "yearLow": 299,
      "marketCap": 683477248200,
      "priceAvg50": 339.7206,
      "priceAvg200": 345.27466,
      "exchange": "NYSE",
      "open": 355,
      "previousClose": 355.88,
      "timestamp": 1767906002
    },
    "aftermarket": {
      "price": 352.8891,
      "tradeSize": 99,
      "timestamp": 1767912850000
    }
  }
}

Full output saved to: /tmp/quotes_20260108_225420.json

exit_code: 0

Fetch Visa financial ratios

Input

python /public/skills/market-data/scripts/fetch_financial_ratios.py --tickers V

Output

stdout:
Fetching financial ratios...
Retrieved 5 total financial ratio records across 1 tickers

{
  "V": [
    {"date": "2025-09-30", "fiscalYear": "2025", "period": "FY", "reportedCurrency": "USD", "grossProfitMargin": 0.803625, "ebitMargin": 0.619575, "ebitdaMargin": 0.650075, "operatingProfitMargin": 0.59985, "pretaxProfitMargin": 0.60485, "continuousOperationsProfitMargin": 0.50145, "netProfitMargin": 0.50145, "bottomLineProfitMargin": 0.50145, "receivablesTurnover": 5.466721333880005, "payablesTurnover": 14.153153153153154, "inventoryTurnover": 0, "fixedAssetTurnover": 9.442870632672332, "assetTurnover": 0.4014975859957642, "currentRatio": 1.0775507874914403, "quickRatio": 1.0775507874914403, "solvencyRatio": 0.34476165786318413, "cashRatio": 0.5750399452179867, "priceToEarningsRatio": 33.05214677435437, "priceToEarningsGrowthRatio": 6.706831449629399, "forwardPriceToEarningsGrowthRatio": 6.706831449629399, "priceToBookRatio": 17.488194360178323, "priceToSalesRatio": 16.573999, "priceToFreeCashFlowRatio": 30.72530750336006, "priceToOperatingCashFlowRatio": 28.750594561776314, "debtToAssetsRatio": 0.2526523934274845, "debtToEquityRatio": 0.6639848057189586, "debtToCapitalRatio": 0.39903297400126825, "longTermDebtToCapitalRatio": 0.34083914381596564, "financialLeverageRatio": 2.628056662006384, "workingCapitalTurnoverRatio": 7.817080320500293, "operatingCashFlowRatio": 0.6579262725405158, "operatingCashFlowSalesRatio": 0.576475, "freeCashFlowOperatingCashFlowRatio": 0.935730083698339, "debtServiceCoverageRatio": 3.5509905813575835, "interestCoverageRatio": 40.73684210526316, "shortTermOperatingCashFlowCoverageRatio": 4.140599748608368, "operatingCashFlowCoverageRatio": 0.9160939176035915, "capitalExpenditureCoverageRatio": 15.559379217273953, "dividendPaidAndCapexCoverageRatio": 3.7702746893394377, "dividendPayoutRatio": 0.23103001296240902, "dividendYield": 0.006989864063585379, "dividendYieldPercentage": 0.6989864063585379, "revenuePerShare": 20.597322348094746, "netIncomePerShare": 10.328527291452112, "interestDebtPerShare": 13.264675592173017, "cashPerShare": 11.32183316168898, "bookValuePerShare": 19.520597322348095, "tangibleBookValuePerShare": -4.951596292481978, "shareholdersEquityPerShare": 19.520597322348095, "operatingCashFlowPerShare": 11.87384140061792, "capexPerShare": 0.7631307929969104, "freeCashFlowPerShare": 11.110710607621009, "netIncomePerEBT": 0.8290485244275441, "ebtPerEbit": 1.0083354171876302, "priceToFairValue": 17.488194360178323, "debtToMarketCap": 0.03796760214598782, "effectiveTaxRate": 0.170951475572456, "enterpriseValueMultiple": 25.68845748567473, "dividendPerShare": 2.3861997940267767},
    {"date": "2024-09-30", "fiscalYear": "2024", "period": "FY", "reportedCurrency": "USD", "grossProfitMargin": 0.803985971162946, "ebitMargin": 0.6835439514557702, "ebitdaMargin": 0.7123253354116795, "operatingProfitMargin": 0.6567666870789957, "pretaxProfitMargin": 0.6657017202026387, "continuousOperationsProfitMargin": 0.5495462895952792, "netProfitMargin": 0.5495462895952792, "bottomLineProfitMargin": 0.5495462895952792, "receivablesTurnover": 5.121311475409836, "payablesTurnover": 14.701461377870563, "inventoryTurnover": 0, "fixedAssetTurnover": 9.394874476987448, "assetTurnover": 0.3801250648072711, "currentRatio": 1.2834408115548517, "quickRatio": 1.2834408115548517, "solvencyRatio": 0.3752121934481887, "cashRatio": 0.45159708866010484, "priceToEarningsRatio": 28.25677708554931, "priceToEarningsGrowthRatio": 1.615508151994507, "forwardPriceToEarningsGrowthRatio": 1.615508151994507, "priceToBookRatio": 14.254376932314688, "priceToSalesRatio": 15.52840700328453, "priceToFreeCashFlowRatio": 29.84398170438132, "priceToOperatingCashFlowRatio": 27.96358646616541, "debtToAssetsRatio": 0.22046111034694374, "debtToEquityRatio": 0.5323862329764673, "debtToCapitalRatio": 0.3474230070198256, "longTermDebtToCapitalRatio": 0.3474230070198256, "financialLeverageRatio": 2.4148759485908475, "workingCapitalTurnoverRatio": 4.002896935933148, "operatingCashFlowRatio": 0.752347550627899, "operatingCashFlowSalesRatio": 0.555308133385292, "freeCashFlowOperatingCashFlowRatio": 0.9369924812030075, "debtServiceCoverageRatio": 33.413416536661465, "interestCoverageRatio": 36.80967238689548, "shortTermOperatingCashFlowCoverageRatio": 0, "operatingCashFlowCoverageRatio": 0.9574774428873104, "capitalExpenditureCoverageRatio": 15.871121718377088, "dividendPaidAndCapexCoverageRatio": 3.6445012787723785, "dividendPayoutRatio": 0.213594691789495, "dividendYield": 0.007559060650930664, "dividendYieldPercentage": 0.7559060650930663, "revenuePerShare": 17.706259241005423, "netIncomePerShare": 9.730409068506653, "interestDebtPerShare": 10.585017249876786, "cashPerShare": 7.47905372104485, "bookValuePerShare": 19.288812222769838, "tangibleBookValuePerShare": -3.29866929521932, "shareholdersEquityPerShare": 19.288812222769838, "operatingCashFlowPerShare": 9.832429768358798, "capexPerShare": 0.6195170034499754, "freeCashFlowPerShare": 9.212912764908822, "netIncomePerEBT": 0.8255143000501756, "ebtPerEbit": 1.0136045772409408, "priceToFairValue": 14.254376932314688, "debtToMarketCap": 0.03734896554963038, "effectiveTaxRate": 0.17448569994982438, "enterpriseValueMultiple": 22.145854011175803, "dividendPerShare": 2.078363725973386},
    {"date": "2023-09-30", "fiscalYear": "2023", "period": "FY", "reportedCurrency": "USD", "grossProfitMargin": 0.7988852479098398, "ebitMargin": 0.6639818699660062, "ebitdaMargin": 0.6928612991149359, "operatingProfitMargin": 0.6431262058616359, "pretaxProfitMargin": 0.6442593329862494, "continuousOperationsProfitMargin": 0.5289866168499066, "netProfitMargin": 0.5289866168499066, "bottomLineProfitMargin": 0.5289866168499066, "receivablesTurnover": 7.298390701832812, "payablesTurnover": 17.512, "inventoryTurnover": 0, "fixedAssetTurnover": 9.533722627737227, "assetTurnover": 0.3608106166918971, "currentRatio": 1.451727422287644, "quickRatio": 1.451727422287644, "solvencyRatio": 0.351891202719932, "cashRatio": 0.7050826911420902, "priceToEarningsRatio": 27.764189775950907, "priceToEarningsGrowthRatio": 1.5205232056985623, "forwardPriceToEarningsGrowthRatio": 1.5205232056985623, "priceToBookRatio": 12.381453799086051, "priceToSalesRatio": 14.686884819159037, "priceToFreeCashFlowRatio": 24.34864185621446, "priceToOperatingCashFlowRatio": 23.106280414357986, "debtToAssetsRatio": 0.23183681587641852, "debtToEquityRatio": 0.541682802777993, "debtToCapitalRatio": 0.35135814046957164, "longTermDebtToCapitalRatio": 0.34568214068518144, "financialLeverageRatio": 2.336483102264219, "workingCapitalTurnoverRatio": 3.3006165975942587, "operatingCashFlowRatio": 0.8985626461165469, "operatingCashFlowSalesRatio": 0.6356230667932502, "freeCashFlowOperatingCashFlowRatio": 0.9489761503252229, "debtServiceCoverageRatio": 29.285714285714285, "interestCoverageRatio": 32.608695652173914, "shortTermOperatingCashFlowCoverageRatio": 0, "operatingCashFlowCoverageRatio": 0.9892283494590344, "capitalExpenditureCoverageRatio": 19.598677998111427, "dividendPaidAndCapexCoverageRatio": 4.314968814968815, "dividendPayoutRatio": 0.21715972905690964, "dividendYield": 0.007821576311404248, "dividendYieldPercentage": 0.7821576311404249, "revenuePerShare": 15.660911270983213, "netIncomePerShare": 8.28441247002398, "interestDebtPerShare": 10.371702637889689, "cashPerShare": 9.653717026378898, "bookValuePerShare": 18.576978417266186, "tangibleBookValuePerShare": -2.5745803357314148, "shareholdersEquityPerShare": 18.576978417266186, "operatingCashFlowPerShare": 9.954436450839328, "capexPerShare": 0.5079136690647482, "freeCashFlowPerShare": 9.446522781774581, "netIncomePerEBT": 0.8210771497837144, "ebtPerEbit": 1.0017619047619049, "priceToFairValue": 12.381453799086051, "debtToMarketCap": 0.042669399109641466, "effectiveTaxRate": 0.1789228502162856, "enterpriseValueMultiple": 21.40496154526167, "dividendPerShare": 1.799040767386091}
    ...2 more records
  ]
}

Full output saved to: /tmp/financial_ratios_20260108_225420.json

exit_code: 0

Todo write

Input

Verify Visa ticker (V) and read relevant skills (infographics, market-data)
Gather business model overview and key value drivers from recent 10-K and earnings calls
Search for industry trends, competitive positioning, and market share data
Search for recent developments, strategic initiatives, and M&A activity (last 12 months)
Identify growth catalysts and potential risks from management commentary and filings
Get financial data for debt analysis and financial health metrics (last 8 quarters)
Get market data (stock price, valuation ratios) and analyst estimates
Create visualizations (revenue trends, margin evolution, competitive positioning)
Compile comprehensive primer document with all findings and charts

Output

Plan updated.

Create revenue and net income trend chart

Input

python3 << 'EOF'
import matplotlib.pyplot as plt
import matplotlib.ticker as ticker
import numpy as np

# Revenue and Net Income data
quarters = ['Q1 24', 'Q2 24', 'Q3 24', 'Q4 24', 'Q1 25', 'Q2 25', 'Q3 25', 'Q4 25']
revenue = [8.63, 8.78, 8.90, 9.62, 9.51, 9.59, 10.17, 10.72]
net_income = [4.89, 4.66, 4.87, 5.32, 5.12, 4.58, 5.27, 5.09]

fig, ax1 = plt.subplots(figsize=(12, 6))

# Colors
blue = '#1A1F71'  # Visa blue
gold = '#FFA629'  # Visa gold

# Revenue bars
x = np.arange(len(quarters))
width = 0.35
bars = ax1.bar(x, revenue, width, label='Net Revenue', color=blue, alpha=0.9)

ax1.set_xlabel('Quarter', fontsize=12)
ax1.set_ylabel('Net Revenue ($B)', fontsize=12, color=blue)
ax1.tick_params(axis='y', labelcolor=blue)
ax1.set_xticks(x)
ax1.set_xticklabels(quarters, fontsize=10)
ax1.set_ylim(0, 12)

# Add value labels on bars
for bar, val in zip(bars, revenue):
    height = bar.get_height()
    ax1.annotate(f'${val}B',
                xy=(bar.get_x() + bar.get_width() / 2, height),
                xytext=(0, 3),
                textcoords="offset points",
                ha='center', va='bottom', fontsize=9, color=blue)

# Net Income line on secondary axis
ax2 = ax1.twinx()
line = ax2.plot(x, net_income, color=gold, linewidth=3, marker='o', markersize=8, label='Net Income')
ax2.set_ylabel('Net Income ($B)', fontsize=12, color=gold)
ax2.tick_params(axis='y', labelcolor=gold)
ax2.set_ylim(0, 7)

# Add value labels on line points
for i, val in enumerate(net_income):
    ax2.annotate(f'${val}B',
                xy=(i, val),
                xytext=(0, 10),
                textcoords="offset points",
                ha='center', va='bottom', fontsize=9, color=gold)

# Title and legend
plt.title('Visa Net Revenue & Net Income Trend (FY24-FY25)', fontsize=14, fontweight='bold', pad=20)
fig.legend(loc='upper left', bbox_to_anchor=(0.12, 0.95), fontsize=10)
fig.tight_layout()

plt.savefig('/private/artifacts/visa_revenue_trend.png', dpi=150, bbox_inches='tight', facecolor='white')
plt.close()
print("Revenue trend chart saved!")
EOF

Output

stdout:
Revenue trend chart saved!

exit_code: 0

Create margin evolution chart

Input

python3 << 'EOF'
import matplotlib.pyplot as plt
import numpy as np

# Margin data
quarters = ['Q1 24', 'Q2 24', 'Q3 24', 'Q4 24', 'Q1 25', 'Q2 25', 'Q3 25', 'Q4 25']
gross_margin = [97.9, 97.8, 97.8, 97.8, 97.8, 97.7, 97.8, 97.8]
ebitda_margin = [71.9, 69.4, 68.5, 69.0, 71.6, 70.3, 69.9, 68.7]
net_margin = [56.6, 53.1, 54.7, 55.3, 53.8, 47.7, 51.8, 47.5]

fig, ax = plt.subplots(figsize=(12, 6))

x = np.arange(len(quarters))

# Colors
blue = '#1A1F71'
gold = '#FFA629'
light_blue = '#5F7FDB'

# Plot lines
ax.plot(x, gross_margin, color=blue, linewidth=3, marker='s', markersize=8, label='Gross Margin')
ax.plot(x, ebitda_margin, color=light_blue, linewidth=3, marker='o', markersize=8, label='EBITDA Margin')
ax.plot(x, net_margin, color=gold, linewidth=3, marker='^', markersize=8, label='Net Income Margin')

# Customize
ax.set_xlabel('Quarter', fontsize=12)
ax.set_ylabel('Margin (%)', fontsize=12)
ax.set_xticks(x)
ax.set_xticklabels(quarters, fontsize=10)
ax.set_ylim(40, 100)
ax.legend(loc='lower left', fontsize=11)
ax.grid(True, alpha=0.3)

# Add annotations for last values
last_idx = len(quarters) - 1
ax.annotate(f'{gross_margin[last_idx]:.1f}%', xy=(last_idx, gross_margin[last_idx]), xytext=(8, 0), 
           textcoords='offset points', fontsize=10, color=blue, fontweight='bold')
ax.annotate(f'{ebitda_margin[last_idx]:.1f}%', xy=(last_idx, ebitda_margin[last_idx]), xytext=(8, 0), 
           textcoords='offset points', fontsize=10, color=light_blue, fontweight='bold')
ax.annotate(f'{net_margin[last_idx]:.1f}%', xy=(last_idx, net_margin[last_idx]), xytext=(8, 0), 
           textcoords='offset points', fontsize=10, color=gold, fontweight='bold')

plt.title('Visa Profitability Margins (FY24-FY25)', fontsize=14, fontweight='bold', pad=20)
fig.tight_layout()

plt.savefig('/private/artifacts/visa_margins.png', dpi=150, bbox_inches='tight', facecolor='white')
plt.close()
print("Margin chart saved!")
EOF

Output

stdout:
Margin chart saved!

exit_code: 0

Create competitive positioning chart

Input

python3 << 'EOF'
import matplotlib.pyplot as plt
import numpy as np

# Competitive data (CY2024)
networks = ['Visa', 'Mastercard', 'American Express', 'JCB', 'Diners/Discover']
payments_volume = [13433, 8014, 1750, 319, 253]  # $B
transactions = [311, 204, 12, 7, 4]  # Billions
cards = [4805, 3146, 147, 167, 72]  # Millions

fig, axes = plt.subplots(1, 3, figsize=(15, 5))

# Colors
colors = ['#1A1F71', '#EB001B', '#006FCF', '#16549C', '#FF6000']

# Chart 1: Payments Volume
ax1 = axes[0]
bars1 = ax1.bar(networks, payments_volume, color=colors)
ax1.set_ylabel('Payments Volume ($B)', fontsize=11)
ax1.set_title('Payments Volume (CY2024)', fontsize=12, fontweight='bold')
ax1.tick_params(axis='x', rotation=45)
for bar, val in zip(bars1, payments_volume):
    ax1.annotate(f'${val:,}B', xy=(bar.get_x() + bar.get_width()/2, val), 
                xytext=(0, 3), textcoords='offset points', ha='center', fontsize=9)

# Chart 2: Total Transactions
ax2 = axes[1]
bars2 = ax2.bar(networks, transactions, color=colors)
ax2.set_ylabel('Transactions (Billions)', fontsize=11)
ax2.set_title('Total Transactions (CY2024)', fontsize=12, fontweight='bold')
ax2.tick_params(axis='x', rotation=45)
for bar, val in zip(bars2, transactions):
    ax2.annotate(f'{val}B', xy=(bar.get_x() + bar.get_width()/2, val), 
                xytext=(0, 3), textcoords='offset points', ha='center', fontsize=9)

# Chart 3: Cards
ax3 = axes[2]
bars3 = ax3.bar(networks, cards, color=colors)
ax3.set_ylabel('Cards (Millions)', fontsize=11)
ax3.set_title('Cards in Market (CY2024)', fontsize=12, fontweight='bold')
ax3.tick_params(axis='x', rotation=45)
for bar, val in zip(bars3, cards):
    ax3.annotate(f'{val:,}M', xy=(bar.get_x() + bar.get_width()/2, val), 
                xytext=(0, 3), textcoords='offset points', ha='center', fontsize=9)

plt.suptitle('Global Payment Networks Comparison', fontsize=14, fontweight='bold', y=1.02)
fig.tight_layout()

plt.savefig('/private/artifacts/visa_competitive.png', dpi=150, bbox_inches='tight', facecolor='white')
plt.close()
print("Competitive chart saved!")
EOF

Output

stdout:
Competitive chart saved!

exit_code: 0

Generate Visa business model infographic

Input

python /public/skills/infographics-image-generation/scripts/generate_infographic.py \
  --prompt "Create a Visa business model infographic. White background, Inter font, Visa-branded colors (blue #1A1F71, gold #FFA629). 

Layout: Show Visa's four-party model as a network diagram in the center with arrows showing transaction flow.

CENTER: Visa logo with 'VisaNet' underneath - the transaction processing network that connects the ecosystem.

FOUR PARTIES arranged around VisaNet in a square pattern with bidirectional arrows:
TOP LEFT - 'Cardholder' with icon of person with card
TOP RIGHT - 'Merchant' with icon of storefront
BOTTOM LEFT - 'Issuing Bank' with icon of building (issues cards, manages cardholder accounts)
BOTTOM RIGHT - 'Acquiring Bank' with icon of building (enables merchant acceptance)

Show the transaction flow with numbered arrows:
1. Cardholder → Merchant: 'Purchase with Visa card'
2. Merchant → Acquiring Bank: 'Transaction sent'
3. Acquiring Bank → VisaNet → Issuing Bank: 'Authorization request'
4. Issuing Bank → VisaNet → Acquiring Bank: 'Authorization response'
5. Settlement flows through VisaNet

KEY INSIGHT box at bottom: 'Visa does NOT issue cards, extend credit, or bear credit risk. Visa earns fees for: Authorization, Clearing & Settlement, Cross-border processing, and Value-added services.'

Bottom right corner in small gray Inter font: 'Made on' then the <logo/> (blue square with white serif F) then 'Fintool.com' - all inline horizontally." \
  --aspect-ratio 16:9 \
  --resolution 2K \
  --output visa_business_model.png

Output

stdout:
Rendering infographic...
  Aspect ratio: 16:9
  Resolution: 2K

  Still rendering... (5s)
  Still rendering... (10s)
  Still rendering... (15s)
  Still rendering... (20s)
  Still rendering... (25s)
  Still rendering... (30s)
  Still rendering... (35s)
  Still rendering... (40s)
  Still rendering... (45s)
  Still rendering... (50s)
Infographic saved to: /private/artifacts/visa_business_model.png
Embed in documents: ![Infographic](computer:///private/artifacts/visa_business_model.png)

[Timing] Imports: 0.5s | API: 121.4s | Save: 1.8s

exit_code: 0

Generate Visa growth strategy infographic

Input

python /public/skills/infographics-image-generation/scripts/generate_infographic.py \
  --prompt "Create a Visa growth strategy infographic. White background, Inter font, Visa-branded colors (blue #1A1F71, gold #FFA629).

Layout: Three horizontal sections showing Visa's three growth pillars with key metrics and opportunities.

TOP SECTION - Three horizontal cards/boxes side by side:

BOX 1 - 'Consumer Payments (CP)'
- Icon: credit card
- TAM: '$40T+ addressable consumer spend'
- Focus: 'Converting cash/check to digital'
- Key initiatives: Tap to Everything (79% face-to-face), Token technology (16B tokens), Cross-border capabilities

BOX 2 - 'Commercial & Money Movement (CMS)'
- Icon: briefcase/arrows
- TAM: '$200T payment flows annually'
- Focus: 'B2B, P2P, B2C, G2C digitization'
- Key initiatives: Visa Commercial Solutions ($1.8T volume), Visa Direct (12.6B transactions, +27% YoY)

BOX 3 - 'Value-Added Services (VAS)'
- Icon: gear/services
- TAM: '$520B revenue opportunity'
- Revenue: '$10.9B in FY2025 (+24% YoY)'
- Four portfolios: Issuing Solutions, Acceptance Solutions, Risk & Security, Advisory

BOTTOM SECTION - Horizontal bar showing 'FY2025 Performance Highlights':
- Net Revenue: $40B (+11% YoY)
- EPS: $11.47 (+14% YoY)
- Payments Volume: $14T (+8% constant $)
- Processed Transactions: 258B (+10% YoY)

Visa logo top left corner.
Bottom right corner in small gray Inter font: 'Made on' then the <logo/> (blue square with white serif F) then 'Fintool.com' - all inline horizontally." \
  --aspect-ratio 16:9 \
  --resolution 2K \
  --output visa_growth_strategy.png

Output

stdout:
Rendering infographic...
  Aspect ratio: 16:9
  Resolution: 2K

  Still rendering... (5s)
  Still rendering... (10s)
  Still rendering... (15s)
  Still rendering... (20s)
  Still rendering... (25s)
  Still rendering... (30s)
  Still rendering... (35s)
  Still rendering... (40s)
  Still rendering... (45s)
Infographic saved to: /private/artifacts/visa_growth_strategy.png
Embed in documents: ![Infographic](computer:///private/artifacts/visa_growth_strategy.png)

[Timing] Imports: 0.2s | API: 107.9s | Save: 1.6s

exit_code: 0

Create debt and cash position chart

Input

python3 << 'EOF'
import matplotlib.pyplot as plt
import numpy as np

# Debt data
quarters = ['Q1 24', 'Q2 24', 'Q3 24', 'Q4 24', 'Q1 25', 'Q2 25', 'Q3 25', 'Q4 25']
total_debt = [20.7, 20.6, 20.6, 21.7, 20.6, 20.8, 25.1, 26.1]  # $B
cash = [13.6, 13.0, 12.9, 12.0, 12.4, 11.7, 17.1, 17.2]  # $B
net_debt = [2.1, 2.9, 4.0, 6.5, 6.3, 7.0, 6.0, 7.1]  # $B

fig, ax1 = plt.subplots(figsize=(12, 6))

x = np.arange(len(quarters))
width = 0.25

# Colors
blue = '#1A1F71'
light_blue = '#5F7FDB'
gold = '#FFA629'

# Bars
bars1 = ax1.bar(x - width, total_debt, width, label='Total Debt', color=blue, alpha=0.9)
bars2 = ax1.bar(x, cash, width, label='Cash & Equivalents', color=light_blue, alpha=0.9)
bars3 = ax1.bar(x + width, net_debt, width, label='Net Debt', color=gold, alpha=0.9)

ax1.set_xlabel('Quarter', fontsize=12)
ax1.set_ylabel('Amount ($B)', fontsize=12)
ax1.set_xticks(x)
ax1.set_xticklabels(quarters, fontsize=10)
ax1.set_ylim(0, 30)
ax1.legend(loc='upper left', fontsize=10)
ax1.grid(True, alpha=0.3, axis='y')

# Add value labels
def add_labels(bars, color):
    for bar in bars:
        height = bar.get_height()
        ax1.annotate(f'${height:.1f}B',
                    xy=(bar.get_x() + bar.get_width() / 2, height),
                    xytext=(0, 3),
                    textcoords="offset points",
                    ha='center', va='bottom', fontsize=8, color=color)

add_labels(bars1, blue)
add_labels(bars2, light_blue)
add_labels(bars3, gold)

plt.title('Visa Debt & Cash Position (FY24-FY25)', fontsize=14, fontweight='bold', pad=20)
fig.tight_layout()

plt.savefig('/private/artifacts/visa_debt.png', dpi=150, bbox_inches='tight', facecolor='white')
plt.close()
print("Debt chart saved!")
EOF

Output

stdout:
Debt chart saved!

exit_code: 0

Todo write

Input

Verify Visa ticker (V) and read relevant skills (infographics, market-data)
Gather business model overview and key value drivers from recent 10-K and earnings calls
Search for industry trends, competitive positioning, and market share data
Search for recent developments, strategic initiatives, and M&A activity (last 12 months)
Identify growth catalysts and potential risks from management commentary and filings
Get financial data for debt analysis and financial health metrics (last 8 quarters)
Get market data (stock price, valuation ratios) and analyst estimates
Create visualizations (revenue trends, margin evolution, competitive positioning)
Compile comprehensive primer document with all findings and charts

Output

Plan updated.

Create comprehensive Visa company primer document
Todo write
Input
Verify Visa ticker (V) and read relevant skills (infographics, market-data) Gather business model overview and key value drivers from recent 10-K and earnings calls Search for industry trends, competitive positioning, and market share data Search for recent developments, strategic initiatives, and M&A activity (last 12 months) Identify growth catalysts and potential risks from management commentary and filings Get financial data for debt analysis and financial health metrics (last 8 quarters) Get market data (stock price, valuation ratios) and analyst estimates Create visualizations (revenue trends, margin evolution, competitive positioning) Compile comprehensive primer document with all findings and charts
Output
Plan updated.

I've created a comprehensive company primer for Visa ($V). Here's an executive summary:

Visa Inc. ($V) — Key Takeaways

Business Model

Visa operates the world's largest retail electronic payments network through a "four-party model" connecting cardholders, merchants, issuers, and acquirers via VisaNet. Critically, Visa does NOT issue cards, extend credit, or bear credit risk — it earns fees for authorization, clearing, settlement, and value-added services.

Financial Snapshot (FY2025)

Metric	Value	YoY Growth
Net Revenue	$40.0B	+11%
Non-GAAP EPS	$11.47	+14%
EBITDA Margin	70%*	Industry-leading
Net Debt/EBITDA	0.24x*	Exceptionally low
Value-Added Services	$10.9B	+24%

*Values retrieved from S&P Global

Growth Catalysts

Consumer Payments — $40T+ addressable opportunity; 79% of face-to-face transactions are now contactless taps
Commercial & Money Movement — $200T TAM; Visa Direct transactions grew 27% YoY to 12.6B
Value-Added Services — $520B revenue opportunity; fastest-growing segment at 24% YoY
Emerging Tech — Leadership position in agentic commerce (Visa Trusted Agent Protocol) and stablecoins (130+ card programs in 40+ countries)

Competitive Position

Visa dominates global payment networks with $13.4T in payments volume (vs. Mastercard's $8.0T), 311B transactions, and 4.8B cards in market.

Key Risks

DOJ Antitrust Lawsuit (filed Sept 2024) alleging debit monopolization — motion to dismiss denied June 2025
Regulatory pressure on interchange rates globally (Dodd-Frank, EU IFR)
RTP network competition (FedNow, PIX, UPI) gaining government support

Valuation

Trading at 33x P/E with a $395.85 analyst price target (~12% upside). Premium valuation reflects exceptional margins and secular growth runway.

The report includes charts for revenue trends, margin evolution, competitive positioning, and debt analysis embedded throughout.